PHP with charts

MakingHeaps, I hadn't thought of it that way, but I guess on take out that might be the case...

The gist of my valuation is that NAV is way too cheap since PHP has such solid returns way into the future. Sum those returns ... and the final value at the end of your chosen period (all suitably discounted of course) and you have a nice tasty valuation. Conservatively I had a valuation of ~£11, very very conservatively I got £7-8 (I think) ...

Your observation above is very interesting ... although surely the level of debt would also have to come into any such valuaiton?

I remain comfortable with my (largest) investment and ready to ride out (or add - as I did recently at £4) any downturns - this is LTBH for me.

Cheers,
Ian