Pinned straw:
I always wonder about Morningstar analysts (broad brush). Maybe it is just a value tilt that hasn't worked for years or some other reason they always seem so far off on value - or how share prices perform - XRO etc as well.
JIN they're still at $13.10. Get a bit overheated at the moment but still.
Their shifts in the perception of value can be jarring at times- in recent years, I have seen their analysts become more willing to appraise the value of the hot stuff (mostly high-growth and unprofitable/scarely profitable tech). One example of this is WTC - that went from the high single digits to something like $40-$50 in the blink of an eye. More recently, Nvidia's fair value changed from $480 to $720 or the like after their recent results - literally tens of billions written into the value on the stroke of a digital pen.
Of course, it can fall just as quickly, as we have seen with the pandemic/WFH darlings like Zoom, DocuSign etc.
Should add they have PEXA's capital allocation rates as 'exemplary'
A bit like they had WBC rated that for before and after the AML issues a few years ago - only recently downgraded to standard.