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Re: Re: Re: Re: Re: [sharechat] Interesting Article on P/E ratios..applied to THL

From:	"Peter Maiden" <pmaiden@xtra.co.nz>
Date:	Mon, 5 Feb 2001 14:42:10 +1300

Gerry - thanks for that.

I do think that THL does seem to mirror the example of Caterpillar that was used in the original article.

As such we may have fallen into a 'value trap' because with a market to book value of 1, a low PE of 8 on next years earnings etc it looks an attractive buy.

I thought I might have a quick look at Frucor on this basis. I'll think the big difference will be that as FRU generates a far superior return on invested capital the impact of relativity high borrowings is not such a wealth destroyer,

Cheers

Peter

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