Mid point of upgraded forecast is $265m after tax = 46.1 cps and at today's closing price this puts FPH on a PE for the year ended 31/3/2020 of 61.5
eps last year was 40.62 cps so growth rate for 2020 = 46.1 / 40.62 = 13.5%
If we zoom out and use the ol Ben Graham model of a zero growth PE of 8.5 (call that 11.5 because risk free rate is 1%, was 4% in his day) = 2g I see a fair PE of 11.5 + (2 x 13.5) = 38.5.
Looks expensive but then again it always has and probably always will be. Nice uptrend on the chart...a rare thing on the NZX at present. Existing holders should probably ignore the expensive FA and ride the TA uptrend until the bend in the end. GLTH.