I like the 22 PE underlying earnings chart Winner, it is quite interesting.

In an environment where interest rates are low, growth stocks should be in high demand and we have seen that with elevated PE's. So when I look at this chart, I have to take into account that interest rates today are a lot different to what they were in 2008 when valuation for Ryman would have been considered very cheap. Ryman and retirement sector have grown considerably over the last few years and it looks like the sector fundamentals stack up for further growth over the next few years and beyond.

At current valuations, as long as we get continued underlying profit growth over the next few years, your original investment if you bought today is going to look very good. I see it as a buying opportunity with more positives than potential negatives.