BUY

Sunday Herald Sun - - Finance -

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

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