PME has fallen 28.3% making it the worst performing stock on the ASX200 so far this year with the trouble all around valuation as opposed to business quality. While P/E’s are fairly irrelevant for these sorts of stocks, 110x 2022 earnings is a number to keep in one’s mind but probably more telling is their price to sales multiple P/S which sits 69x. We like the growth available in the medical imaging IT provider which focuses on the radiology space, the debt free company boasts excellent profit margins with the hardest issue being what represents good value even after its corrected over 40%, we feel slow accumulation into current weakness will pay dividends in the years ahead.
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QBE Insurance (QBE) v Australian 3-Year Bonds
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Performance update for March, stocks that drove returns & our current positioning
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Fri 19th April – ASC200 -117pts, Pilbara (PLS), Whitehaven (WHC) & Woodside (WDS)
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Market Matters Research Lead Shawn Hickman with David Koch
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Friday 19th April – DOW up 22pts, SPI down -55pts
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MM is neutral / positive PME
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QBE Insurance (QBE) v Australian 3-Year Bonds
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