The stock listed in February at 485c. It now trades below that price after an initial move higher to 535c. Results show headline earnings per share (HEPS) of 12.7c. As the second half of the year is typically stronger, at a stretch the company may do 30c HEPS for the full year. This puts it on a forward price-to-earnings ratio (P/E) of around 15. It is thus fairly valued, but Premier’s focus remains expansion – a new quota to fish horse mackerel coming on line in the second half and its longer term aim being to increase abalone production markedly. The company seems on track but now that we have three fishing stocks to invest into, the market is very much taking a wait-and-see approach. Further price weakness is possible.