Could it be that the pre covid the market was paying a PE of 25-27 times over the prior 5yrs because the market believed that TWE would show very good future revenue growth, especially from China (which as part of Asia has the highest margins of the divisions).
Hence that high multiple is justified only as long as the revenue growth was realised.
My argument now would be that this will now prove illusionary and the market will apply a lower PE multiple.
Second on your computer analysis what are the competitors RoE and ROIC compared to TWE?
What is TWE Worth Ex-China?, page-22
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Last
$11.97 |
Change
0.910(8.23%) |
Mkt cap ! $9.712B | |||
| Open | High | Low | Value | Volume |
| $11.35 | $12.08 | $11.27 | $95.71M | 8.108M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 23246 | $11.96 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $12.00 | 72 | 1 |
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| Last trade - 16.10pm 27/09/2024 (20 minute delay) ? |
| TWE (ASX) Chart |