I am surprised the SP isnt higher especially with the dividend just around the corner.
I guess the market believes we are at peak earnings or something. Like it won't get any better as everyone is rushing to buy a hybrid before end of the year and loss of the subsidy.
Market not factoring in the supply chain cost savings being achieved, the improving finance penetration and site expansion going on.
The market maybe wants to see consistent earnings which could take a few years before trust is awarded and the SP trades on a multiple closer to TRA.
In the meantime we holders need to suffer i guess and collect our double digit divvy yield waiting for the re-rate. one thing i know is if we are at peak rates the divvy yield is going to look more and more attractive as interest rates fall during the next part of the interest rate cycle.