The last sentence from Teele says it all: while discount/premium to NTA varies, the SP - on average - moves in accordance with the performance of the company's assets.
Likewise as I have learnt from the writings of the great Jack Bogle (founder of the Vanguard group), P/E ratios - i.e. the amount investors are willing to spend on each dollar of earnings - wax and wane but in the long run, share prices are determined by just two factors: dividend yield and earnings growth.
(Note that if a company's P/E ratio increases from 10 to 11, this translates to a 10% increase in that company's share price!)
why do funds underperform the index, page-7
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$7.18 |
Change
-0.020(0.28%) |
Mkt cap ! $9.062B | |||
| Open | High | Low | Value | Volume |
| $7.16 | $7.20 | $7.16 | $2.361M | 328.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 24715 | $7.18 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.21 | 250 | 1 |
View Market Depth
| Last trade - 16.10pm 17/09/2025 (20 minute delay) ? |
| AFI (ASX) Chart |