Based on average analyst forecasts, (removes my confirmation bias) THL is trading on a 2018 PE of 15.8. http://www.4-traders.com/TOURISM-HOL...92/financials/
When you consider their track record of growth and stated targets this seems pretty reasonable to me against a backdrop of a market PE of 20.
I think there is still very little, if any, "in play" premium to the current price. I can see why there is the prospect of a takeover at such a moderate PE for a company with their growth track record and more importantly growth prospects going forward and think a current year PE of 18 is easily justified, giving 14% upside from here even without any possible in play premium being added to that so for my money $6 seems achievable.
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