It’s super tricky for many reasons. Valuing rapidly expanding companies with a DCF model makes huge assumptions about future growth that might not be borne out - leaving you feeling stupid if you buy in on high multiples. Conversely, anchoring to past SPs and not taking into account new updates on margins, forecasts and profitability means you often miss out on “monsters”. If I’d don’t own now I would probably buy a small position (2%) and look at adding on future dips. We are probably going to get a few buying opportunities in the near future! For context, I bought PPH repeatedly over the preceding 3-4 years including adding a further 30% (of PPH, not portfolio) as recently as 9 months ago. I stopped buying at 20% of total portfolio which is my upper limit for any individual holding. It now represents over 40% of my portfolio! I will start selling down in a few days when we enter next FY. Wouldn’t be smart for me this FY. A rare success!

Hi Chagsy I remember some saying the SP was in ‘overvalued’ territory at 6.80’ish commenting that it was time to trim. I had a 12 month forward valuation of 9.28 which I revised to 10.43 following the AGM and the upgrade on the EBITDAf. Whilst the current price of 8.90 is in keeping with my 12 month forward valuation, the gut says we are getting ahead of ourselves. Either the big players are extrapolating the numbers and realising going forward, these prices will become ridiculously cheap (still a fantastic investment) OR we are set for an adjusting decline following this buying spree. That said, I am now not ruling out that the Company will soon announce another acquisition, this time to be funded via a CR. No doubt the Register improved dramatically with the release of the FY2020 results. Believe that the Register has strengthened further. Stage therefore set to raise capital at these price levels less a discount, yielding a very favourable for the Company. Absolute ‘Keeper’ for me irrespective. Rob W