P2P is an integrated fleet management company, providing vehicles to be rented out to independent professional drivers. P2P’s fleet has taxis, corporate and ride-share vehicles. QMS is growing a portfolio of world-class digital billboards and covers all major metro markets. Digital outdoor is one of our fastest growing forms of outdoor advertising. We question the strategy to turn around Big W. A 2018-19 outlook of low single-digit earnings per share growth does not deserve a share price of 20 times earnings in our view. Fairly valued at a price-toearnings ratio of 18, with earnings per share growth of low single digits for the next two years. Total shareholder return is 7 per cent, hence our hold call. Challenger is highly sensitive to and adversely affected by rising interest rates, adverse stock market movements and falling property prices. Whitehaven recently reported slower quarteron-quarter sales whilst at the same time, costs were higher. We believe it’s fully priced at current levels.
$1.23 $1.065 $28.60 $43.78 $4.72