Tend to agree with you Nelehdine and note that consensus 09 PE is about 12 too. That's cheap if the co is expanding or has critical mass to be a price maker (cf Woolworths/Coles) but the growth bubble has long since popped for WHS - to think it used to trade on a PE of nearly 30!!!!!
Furthermore what are Woolies and Foodstuffs going to do with their WHS stakes now? There may be an overhang as one or both decide to exit WHS, further depressing the share price (interested in comments from others here).
Nevertheless WHS is now on my watchlist as I await what happens to the Woolies/Foodstuffs stakes. If sold on-market it'll provide WHS with some much needed liquidity and perhaps become my first NZX share purchase in over five years.
SEC