Pinned straw:
As I look at SP movements of my holdings and the watch list, I keep on eye on global comparison.
$TNE has now fallen 53% form its peak SP, and when I compare it to a set of peers/competitors it is evident that global markets are doling out a re-pricing with a fairly even hand. These are all pretty high quality businesses, albeit $SAP the most mature and a legacy defender from the others.
$TNE still looks expensive in its peer group, albeit it is slightly higher quality than the rest.
So my point is that for the highly rated Aussie tech stocks, there is no let-up in the operational and financial performance that is required.
This really is sector-wide and global. Meeting expectations just keeps you in the game.
I have been accumulating $TNE and intend to continue to do so.
I've started accumulating TNE as well today @ $20.37. As with PME I've decided to fund the purchase with the trimming of some ANZ at record highs (I have learnt the CSL lesson) as I think bank valuations are reasonably full despite the fact they have all the momentum.
I think at under 35 times based on Sep 2027 estimates I think TNE, whilst not great value is at the right price to start accumulating for such a high quality stock. Whilst the banks keep making record highs I will be content to keep trimming them to fund my purchase of beaten down tech stocks and keep any fresh money for if and when compelling value emerges in tech stocks.