Thats because Q3 EPS consensus was $ 1.44 and actuals come as $ 1.22 ....IMO
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Aussies have had their cornflakes and decided life ain't so bad today so up she goes. Lol
Does FPH need chips?
From a report on resmed - However, chief executive Mick Farrell told analysts on a call this morning that chip shortages were the “number one bottleneck” for the business,
intel earnings call this morning they say chip issues will extend easily into 24
Seeing how FPH managed enormous demand in 2021 FY ...they actually did 56% extra in short time ...not easy for a manufacturing company to ramp up production in very difficult times , I think they can make this difficulty into opportunity too
Also as a practice they carry good inventory levels of finished stock .
They mentioned in last update shortage of OSA devices is hampering their mask sales ...as they not big on OSA devices but sell masks to be used with
" In our Homecare product group, growth in sales of our OSA masks is currently tracking above our first half growth rate despite supply constraints of treatment hardware in the market. "
Interesting fact ... most impacted by the chip shortage are car manufactureres - and the funny thing is, their earnings are the highest they have been in a decade or so (O.K. - just looking at Volkswagen - 2012 was still better ..., but for Daimler was 2021 a dream year better than anything before - not just, but as well thanks to the chip shortage).
Why? Well, quite easy if you take off your black glasses ... yes, lower volumes, but hey - look at the margins.
I suppose FPH might be in a similar situation.
Thanks for posting something really bullish ... or was this a mistake?
One of your better days, is it? Go out, enjoy the sunshine, take lots of deep breaths and than start thinking ...
If you would be governer of some RB (god forbid ...) and you know that your country will go bankrupt if you push up the interest rates to high. What would you do :scared:?
OK - I should probably ask what would a responsible and sensible RB governor do? Not likely that they push too hard on consume either, isn't it?
Back to FPH, though .... lucky us they don't produce consumer goods but needs based medical devices, and the need for these is (after a temporary deflation of the COVID hill) sustainably increasing. More fat people, more old people, less healthy people every year. Ask the fast food producers. Isn't this a sunny scenario :t_up:
your going off on some wild tangents , inflation is way worse than a recession and in fact volker only tamed wild inflation by causing a recession.
anyway back to fph if inflation is let go wild fph margins will keep getting crushed because they cannot keep raising prices of there products forever to stay ahead of inflation input costs . i suggest some light economics reading in the sun for you on this subject :)
To be honest - I don't really monitor the US automotive market ... did they evolve much since the Ford T? I understand they mainly sell dick extenders and gas guzzlers to the average Trump voter.
You need to check real car makers ... Daimler, BMW, Volkswagen ... they are creaming it.
Look - it feels your typical "research" resembles looking for big containers with black sludge ... and than smear this stuff against any stock you happen to come across. Not sure how to describe this activity in a PC way, but it certainly does not demonstrate any understanding of economics or business analysis.
Neither does your recent post - just look at your comparison of inflation and recession. I hope you understand that one is a measure for the devaluation of money and the other is a term to describe an economy with a receding GDP. A recession may or may not be triggered by high inflation (or by many other causes) ... comparing both is absolutly meaningless.
Back to FPH ... apart from not even professional economists knowing how the inflation rate will develop from here (yes, they have some forecasts which are typically either too low or too high but always wrong) - some minor research will show you that companies producing useful stuff people need typically move with less harm through inflationary periods rather than companies producing discretionary stuff or just promising growth.
FPH produces useful stuff people need ... and when they need it they won't haggle for the price. If you are not sure, just stop breathing and wait a minute or two and now imagine haggling for what your next breath is worth to you.
Relax ... remember to start breathing again - hey for you it is still free :) - and find some sunrays ... they will be good for you and might help to fight the black clouds which often seem to control your posts :).
Any bull who is one step ahead of the herd has clearly lost his calling.
Interesting question ... and I admit and appologize that I started with this particular deviation from FPH on this thread (though it first had still some relevance).
I don't see any specific dependence of the German car industry on Russian energy (of course, other that cheap energy does help all energy hungry industries), but if you want to discuss this further we probably should move on a for this topic more relevant thread (like geopolitical risks or similar?).
Happiest Day of dear Couta's life ....FPH up and WHS / HGH down ...lol :p
Read on market report that one Australian broker has upgraded FPH to BUY .... reason for todays surprise up move in a big down market
Anyone has news about it?
https://www.stuff.co.nz/business/128...akness-sets-in
NZD going down to 60 cents should also help !
chart looks like a falling off a cliff.... boy it was the one of the best trades ever from the 2's..
You'd think that the FPH might say or do something to try and arrest the decline. If they were confident in the business, then at these levels they might consider a share buyback. Lets hope they'll address their declining market value in the upcoming results. They're a public company yet the silence is deafening.
I'm with couta1 on this one...I wouldn't expect to see CEO's coming out and commenting on the share price, it is the market's job to sort that out in any and all directions and the job of management to get on with running the business. Anyway, continuous disclosure rules cover things off...If you like the company and want to add more then arresting the decline is the last thing you want.
I agree in principle and there are of course, rules around companies pumping their own stock, but we are looking at NZ's biggest company heading towards halving in value in less than two years (SP was $37 in Aug 20) and in a period of record profits and increased demand for their products. Not worthy of comment? Guidance and results are one thing, and whilst I recognise the market is fickle, in this case I think shareholders (the owners of the company) deserve at least some commentary on the drastic decline in their wealth.
Question: ‘Lewis, why has the FPH share price almost halved over the last 18 months?’
Lewis: ‘Ask those who buy and sell our shares. We have no control over the price of our shares, the market does that’
Nothing personal but I don't get what you and many others can't understand...
1. The share price got overhyped in 2020
2. Profits were magnified by covid above the longer term sustainable growth rate
3. Many "investors" failed to understand point 2 above and overpaid
4. interest rates are now rising and high PE growth stocks like FPH get hurt by that
5. points 1-4 explain the share price the last 6-12 months
6. FPH is still a great company despite the share price performance the past 6-12 months.
I rang the alarm bell in January at $28 as did many others.
Like a lot of Covid assisted stocks the bubble is in the process of bursting, certainly not fully burst yet. In the US stocks like Peleton which could do no wrong in the midst of the worst of Covid have lost a whopping 90% of their value, Netflix 70%...dozens of cases of Covid assisted companies in the US now trading at less than half their previous peak prices.
No reason FPH is or should be exempt from this. https://www.marketscreener.com/quote...30/financials/
It's still on a whopping 36 times average FY23 earnings which fundamentally with 10 year Govt stock at close to 4% is still super expensive in my book.
That and a very low yield of just 2% mean those metrics are certainly not attractive and from a TA perspective "Blind Freddy" can see this is in a steep and well entrenched decline.
I think anyone would be very "brave" indeed to apply fresh capital until there is genuine evidence from a TA perspective a new bottom has been reached.
I still think $15 is a very real chance which would be a forward PE of about 25. I know its a very high caliber company but that doesn't make it exempt to the reality that DCF valuations are being seriously affected by much higher interest rates.
Just as well the $N.Z. dollar has fallen hard as otherwise this would have fallen even harder in my opinion.
Disc: No position long or short.
You can live without Netflix and Peleton equipment but not without oxygen for those that find themselves in the situation to need it, world population expanding and more and more people needing these products means a very prosperous future for this company, plenty more viral outbreaks to come in the future as well, short term "White Noise" is not the way to view FPH, thats just a traders perspective.
Not true, I can't live without Netflix LOL.
I get all that, and I actually agree that at current levels FPH is undervalued. But my point stands that the Board needs to be a bit more vocal. The current negative environment notwithstanding, the fact remains that the company is in better shape now than it has ever been, yet the SP has been punished far more than other blue chip companies.
When Covid hit in early 2020 the SP was $24. NI for that year was 209m. We are now at $21 (and projected to fall further) when profit for the first half was 222m. Profits between those period were doubled. So given all that - EBIT, EPS, NP all still considerably higher than before covid, and likely to remain elevated for some time yet, why would the share price be well below that of the pre-covid price? Answers on a back of an envelope - send to Chief Communications Officer, FPH.
Quite the contrary, I think there's a perfectly rational revaluation of the company going on here.
Take care out there folks when buying in a steep and confirmed downtrend, the trend is definitly not your friend https://www.bing.com/images/search?v...t=0&ajaxserp=0
[QUOTE=Beagle;956451]Quite the contrary, I think there's a perfectly rational revaluation of the company going on here.
Take care out there folks when buying in a steep and confirmed downtrend, the trend is definitly not your friend
Nope, disagree. Nothing rational about the revaluation if that's what it is. Either the SP was overvalued pre-covid at $24 or it's undervalued post covid at $21. Since all the fundamentals are way better now than then, I tend to believe the latter. But Couta is is right - no point in chasing shadows - the SP is what it is.
Hmm but you've been buying OCA which has also been in a steep decline for quite a while now, many of us are holding at a price well north of the current price (Same with OCA) so why not buy at these levels ? time in the market is what really matters with quality stocks not timing the market.
"Blind Freddy"
classic... the chart says it all...
[QUOTE=LoungeLizzard;956454]You’re forgetting the fundamental of interest rates which are a key ingredient to valuation. In 2019-20 interest rates were falling. NZ cut from memory to 1% in spring 2019 and the Fed was concerned about interbank liquidity and cut late 2019 I think.
Now rates are heading higher in a world unsure about how sticky higher inflation is. I think the difference in valuations is perfectly reasonable.
[QUOTE=Arbroath;956461]I don't want to labour the point here but... the NZD is stronger against the USD than it was pre-covid and it is projected to rise to perhaps 70c US this year (currently $63c) compared to around 60c pre-covid. That's a considerable boon for companies like FPH and more than offers inflationary pressure (which can be passed on anyway).
OCA a different kettle of fish. A modest increase (3.5% to 5% portfolio allocation) at 97 cents was at a very deep discount to asset backing and that's after they've just made acquisitions that will add 10% to earnings. On a TA basis I was hoping the acquisition would kick it back up into the reasonably well established base of $1.00 - $1.09 and it probably would of if the whole market hadn't fallen 5% in the last few days. Quite apart from that my 3.5% stake was free carry so moving to a 1.5% extra position that's costing me something at that price is a pretty modest increase in risk. I reckon OCA can do 9 cps underlying profit in FY23 so is on a forward PE of less than 11 whereas FPH is on a forward PE of 36. OCA is very cheap and I would argue FPH is still very, very expensive on an earnings basis. I might add some more OCA depending upon the annual result due on the 20th.
I'd be interested if FPH get down to a forward PE in the low to mid 20's. I'm a value investor mate, don't like super high PE's, never have and probably never will LOL
On 25th May FPH reports full year results ....Market expects % $1704 Mil sales ...NI of $ 378 Mil ....My estimates $ 1715 Mil sales ...NI of $ 415 Mil
This NZD tanking of 10% in last 4 weeks is a big boon for FPH ...normally this should have boosted SP by 5-8% but revaluation based on higher rates and sentiment is keeping it depressed ...still looking to form some base around $ 21 ...another few days here then we can take off toward $ 25 on results day like Couta expects
If FPH can provide future guidance which I doubt they will or can as covid still very fluid ...then SP will stabilise
NZD supports SP of FPH while rates hurt ...balance point is $ 21 ?? Who knows ! But future is bright ...All know !!
Not quite sure who provides your currency forecasts?
Attachment 13792
One year trend chart USD vs NZD
As you can see - at current NZD is dropping vs the USD ... and assuming Putins war and with that the global uncertainty prevails (which means every Tom, Dick and Harry investing in USD), this is likely to continue as well.
I would be interested to know which analyst is claiming the opposite ...
FPH makes most of its money in USD and is recording it in NZD. Weaker NZD means more profit. Must be all good, then - isn't it?
My thoughts exactly. I fail to understand how the NZD would be forecast to reach USD 70c this year when the USD is climbing fast against it's "basket" of currencies and no indications that will change anytime soon https://www.dailyfx.com/us-dollar-index
FPH and other exporters are riding the gains of this while the importers will need to deal with this which adds hugely to the already high inflation. As alokhdir indicates above, FPH is in a happy place operationally.
Westpac and ANZ are forecasting the NZD to return to upper 60c range this year. Presumably the other banks are too.
The NZ Dollar forward curve is much lower and if you were taking out hedges today for future years you'd be locking in contracts below the spot price
https://www.fxempire.com/currencies/.../forward-rates
currency forward curve movements basically reflect movements in interest rate differentials and very jumpy particularly for the USD - fx theory for that doesn't seem to hold like it does for other currency pairs
Grant from Hamilton Hinden Greene obviously keen on Alphabet/Google. Produced this the other day.comparing it's PE (FY23 forecasts) to the stocks in the NZX10..... and its cheaper on this basis than most of the stocks on the NZX10
Interesting how high FPH's PE still is ..... as many would say it can only revert to more sensible levels
His numbers
GOOG 17
AMZN 39
FPH 36
AIA 91
SPK 19
MFT 21
EBO 24
CEN 26
MEL 35
IFT 58
FBU 9
RYM 14
NZX10 33
aye. safe haven currency status (rightly or wrongly), etc.
interest rate differentials probably more relevant to other currency pairs, not usd pairs.
USD (relative to NZD) went through the roof during the GFC and briefly during the covid crash early 2020. lots of importers panicked and took out big hedges afraid it would go to the 40s. was one of the nails in the coffin for pumpkin patch back in the day.
All experienced investors know the market is forward looking and the average analyst PE for FY23, (the current financial year we've only just started) is 36.1 https://www.marketscreener.com/quote...30/financials/
36.1 times earnings that are still being materially assisted by Covid. If that's your cup of tea and you think the chart's well established downtrend is meaningless then good luck, I reckon you'll need it !
Gee FBU looking cheap on p/e of 9
Lol PE blah/blah/blah, so boring and you don't drive a race car looking continuously at the speedo, it pays to watch the road ahead.
In April the BNZ were forecasting NZD to be at US70c. The decline in May made them pull back a bit, but my feeling is that the US economy and dollar is more fragile than ours and there may be a strengthening again soon. I don't agree with your assertion that he US dollar is a safe haven in these times. It's finger in the air stuff given all the variables. Point is NZD is stronger now than it was pre-covid.
Stronger NZD bad for FPH thou
Yes BNZ who are good at currency forecasts are advising clients to lock in current downtrend ...I am sure from FPH perspective they will be doing exactly so based on sound advise they will be getting from their bank experts ...Even locking 65 for next year is great !!
I guess we will see.
Nobody knows how Putins war will develop, but if it continues for some time (as I think it will) investors will (as they always do) run for the perceived "safe haven" reserve currencies. While the relative economic power of the US is dropping compared to the Chinese (but still a wee bit higher) ... in history it always took roughly a generation for reserve currency status to drop after the loss of the economc leadership (have a look at the British pound and the Dutch gilder before that). USD should be in my view still fine for the next 30 ... 40 years and I am not really worrying about what's happening afterwards.
You didn't quote a post with your latest comment, so I assume it is directed at me, but "experienced investors" is your way of being condescending to everyone that disagrees with you. Like many of your posts in recent months. Many of us follow our conviction as long term investors, for better or for worse. Just like you follow your conviction to be a short term trader, trading in and out of stocks on a regular basis.
Here is a 2 years comparison for FPH & OCA (that you fall in and out of love with frequently). Go figure Attachment 13796Attachment 13796Attachment 13796Attachment 13796
Forward looking with the likes of FPH requires and incredible level of FX skill. Good luck.
20 bucks beckons
Should hold as irrational markets love round numbers
Iceman - Cognitive bias is an interesting subject. Its amazing how you could interpret "all experienced investors" as a slur against you when I didn't even reference your post. All I am saying is that anyone with experience knows the market is focused on forward earnings. You know this but choose to ignore it and stick with a soon to be historical PE that's heavily Covid assisted.
Cognitive bias. Mrs B puts it this way. If you don't like someone even the way they stir their coffee will annoy you.
BTW - Its not a crime to use TA to your advantage even if you make out the use of it as some dysfunctional investment strategy. Have a nice day mate.
The other bit of that interview with Lewis
Q: Do you think the current share price undervalues the company?
Lewis: not for me to say one way or the other ….but, hmm …I wouldn’t be signing off any proposal to buy a similar company at 35 times earnings.
To this I will agree ...also Mr B fully knows that Dogs tails cannot be straighten even after years of work ...So he keeps trying ...and we remain fully committed to ..
Both right and all enjoy our chit chat ...FPH SP keeps its own path ...which will sometime ahead change to upside then just one way down ...hopefully sooner then latter ....IMHO ...very soon ...its in the process of making an important bottom ...some optimistic investors will take advantage some will keep hoping for better entry as greed and fear takes over
In the end Beagle and Winners posts about high p/e stocks being re-rated down because of the increasing interest rates and DCF models blah blah was correct. More so with FPH because earnings are falling from covid highs so double whammy.
FPH still a great company. But they were right for the short term price movement. Credit where credit is due.
There was a random day the other week when the SP increased 5% (dead cat bounce) or thereabouts, i took the opportunity to sell my holdings. Partly because i wanted more cash, partly because this is in a sick downtrend and partly because of the above reasons that Beagle keeps harping on about. Looking to buy back in once a bottom has been found. Who knows this crazy market could really kick the SP in the guts and could get some real cheap.. mid teens would be amazing
There's always going to debate around low PE ratios being 'desirable or right', and high PE ratios being 'undesirable and wrong', and separately how rising risk free rates feed into all that.
I don't think there is a right answer either way - a high PE isn't just a function of expected fast growing future profits, but also the quality of its cashflows (how capex intensive is it, is capex in excess of depreciation, how working capital intensive is the business), and the company's beta which is all about relative risk (is it just in one market or is it globally diversified, is it cyclical or does it have secular long-term tailwinds, do its products/services have an entrenched moat or constantly under attack by new competitors), etc.
To test that I did a little DCF implied proof, looking at two hypothetical companies with dummy data (one with good cashflow conversion, one with poor cashflow conversion), under two different scenarios (one with identical growth rates, and one with varying growth rates), and how sensitive the later scenario was to rising interest rates.
The companies in the first scenario - hyperlinked below - have identical forecast EBITDA and NPAT in year one - and EBITDA grows at an identical rate. I've hold all else equal - they have the same capital structure (assumed to be 100% equity for convention), same wacc, no excess cash or debt, etc. Despite having identical prospective year earnings, the company with the superior cashflows commands a 36% DCF implied PE ratio compared to the capital intensive company. Coy 1 has low NWC as a % of sales and capex equal to depreciation. Coy 2 has high NWC as a % of sales and requires a few years of capex in excess of depreciation before eventually trending down to depreciation.
Quote:
The second scenario takes it a step further.
To try to mimic a scenario similar to what FPH is going through with its covid hump, I assume its NPAT falls and doesn't recover to yr 1 NPAT until yr ~4.5, before it reverts to trend based on secular long term growth tailwinds. This hypothetical coy has a low beta given its well diversified globally, has a unique and defensible product or service based, high earning margins giving it downside buffer, excellent management, non cyclical, good counterparty risk etc. Company carries a bit of surplus cash given it has such a positive cashflow profile.
Company 2 performs exactly the same - growing at 2.5%, but given it a slightly higher beta given it operates in one country, manufactures one widget, has low margins and less room for error, and the market perceives risks of new entrants.
Despite having identical yr 1 prospective earnings at the EBITDA and NPAT line, and despite Company 1 earnings going backwards for a few years while Company 2 grows steadily, the DCF implied valuation multiples for Coy 1 are 2.2x-2.5x higher than Coy 2. Most investors at first glance would say Coy 2 should demand a higher PE multiple given the near term expectation of NPAT is higher, but the DCF implies otherwise. And yes, it still does even if you adjust both beta's and waccs the the same identical value.
Quote:
Finally, I wondered what the change or fall in value in Scenario 2 would have been if you invested on the basis of a DCF that had assumed (say) a 1% risk free (10 year bonds got to 0.5% at one point I think).
If you had done that and revalued it at the spot RFR assumed in scenario 2, the DCF implies a 43% drop in equity value and PE multiple for company 1, but only 25% fall for company 2. So this proves up the point often made that low PE steady as they go company's are less impacted by rising rates than high growth companies.
Quote:
I think there are two lessons we can take from this.
1) some companies by virtue of their growth, cashflow and risk profile deserve to trade on higher multiples than others. They will be more volatile than their lower valued counterparts, which is justified by a DCF.
2) if we are looking at a high growth company where the majority of its value is in future years, its probably wise not to assume the spot risk free rate (10 yr gov bond) to apply when discounting each individual year and terminal value. It's probably best to calculate a WACC for each individual year. We might have some visibility and confidence over interest rates in the next year or two, but eventually should gravitate towards a long term RFR after 3,4 or 5 years, and hold that constant after and into the terminal value calc. Sort of a 'through the cycle' approach to high growth companies. Cause admit it, its hard enough getting the earnings and cashflow forecasts right long term, don't need to compound those errors with an unsustainably wacc.
Note these examples are totally dummy data, not meaning to replicate any particular company, but sort of inspired by the FPH scenario and debate around valuation multiples.
Disc: not and have never been a FPH shareholder. But would like to be one day.
Good stuff Fiordland Moose
I appreciate it hypothetical but does trebling capex for say three years from say year 3 make much difference to your conclusions
It's good to see thinking like this -- all should appreciate that using PE's is essentially a cheats DCF .... which really means making an assumption about what is agood/fair PE is making guesses/assumptions about future performance. Critics of DCF say its all based on guesses so rather meaningless ...but those critics would never say that about PE ratios.
I'm witng for ressults before updating my DCF but I already know the 2022 numbers are going to be quite a long way out .... no doubt reducing the DCF value going forward
a little bit but not as much as the working capital. just seen it a few times when there is a big capex hump for whatever project, you are spending money now, but takes time for your depreciation to catch up, so you have a 'real spend' which you aren't getting a tax deduction for if you know what i mean
i know its a bunch of theoretical drivel, i only do actual modelling on my big positions. back of envelops or gut feel on the rest.
I care about PE's as much as the next guy or gal but think some companies warrant a high pe, others dont.
Lol where are the $15 callers today, thats right MIA, no doubt they will be back on the next down day to remind us of where its heading.
https://www.nzherald.co.nz/business/...ESVXZYPN3GPZE/ paywalled
Excepts. Forsyth Barr analysts downgraded Fisher & Paykel this week, dropping the stock from a neutral rating to underperform and lowering its target price from $25.05 to $20. FPH is trading well ahead of its historic strong relationship with peers, which coupled with the backdrop of negative earnings momentum, and increased earnings uncertainty, we view the risk reward as negatively skewed."
Thought for the day. $20 price target a year from now suggests with the very low dividend yield Forbar think about $18-$18.50 is fair value now.
Cant read it, I don't pay for the Herald which is mainly rubbish but no doubt some analysts opinion. Haha yeah I was right Forbars the lowest of the 10 analysts on 4 traders at $20, avg target price $27.05, you'd better do more research Beagle instead of quoting the Forbar numpties.
Its a good read that article, covers RYM, MFT, IFT, MFB and FPH. Think they're doing a special at $99 for a whole years access which seems pretty reasonable to me.
[QUOTE=couta1;956906]Cant read it, I don't pay for the Herald which is mainly rubbish but no doubt some analysts opinion. Haha yeah I was right Forbars the lowest of the 10 analysts on 4 traders at $20, avg target price $27.05, you'd better do more research Beagle instead of quoting the Forbar numpties.[/QUOTE
But others are less upbeat. Forsyth Barr analysts downgraded Fisher & Paykel this week, dropping the stock from a neutral rating to underperform and lowering its target price from $25.05 to $20."F&P Healthcare's share price has been under pressure year to date; we think there is more to come," they said.
The analysts said there was no questioning the company's quality with its strong competitive positioning, favourable long-term earnings tailwinds, high returns on
capital, and relatively low earnings volatility (pre-Covid).
"We continue to view FPH as well positioned long-term with double-digit earnings growth forecast from FY23 (our view of the new 'base') but expect the next 12 months to be
challenging.
But Jarden and Craigs are positive as they think by middle of this FY market will start looking ahead ...though all know and acknowledge that current FY is going to be lowest revenue year with making FY23 as new base year ...FY24 growth will restart and will get discounted ahead on merits
Another week …..FPH share price down again …..about a buck this week
Under 20 ….getting there
https://www.nicd.ac.za/diseases-a-z-...datcov-report/
Does this data suggests we again on rising path of hospitalisations ?
Using SA data as they have best surveillance about covid data and also because they have been front running rest of the world on covid trends
At present analysts are following falling covid death rates as proxy of serious covid illness which benefits FPH ...which has fallen thus SP of FPH .
Just like rates reaching 5% in USA is not a surety anymore similarly Covid vanishing is also not a certainty anytime soon ...
But FPH did reach 20.15 !! ...which side is more buttered from here ? I think upside, even on 12 months horizon ...IMHO ....DYOR
Pinnacle take a 5% stake in the company, nice.
Be careful what we wish for.
Bulls T/O or MB if it gets down to $20
Would be a sad day for investors
FPH price is not doing anything special ...this normalisation process after big single year boost was always expected ...only the extent of the fall is unexpected territory but that can be partly explained with market conditions and rates scene
Some with longer term view are using this opportunity to buy Big ...Pinnacle putting almost 0.75 B in FPH in 100 days ...Must be seeing some compelling reasons
Fisher funds are very small incremental buyers as they already hold enough ...Pinnacle kind of investors are more important at the moment when our own brokerages like Forbars are advising selling ...But we have seen from ATM that this means nothing much if company does not perform ...lol