Per this article: http://www.sharechat.co.nz/article/1...ealthcare.html

it is still on over 15x, this for a company that is not growing earnings at even 5%. The company is still overvalued. I called it at $3.10 when pe was over 20x and outlook was 0 growth.

Investing in a company because it has a dividend yield of 8% is very naive, and I would suggest there is further weakness ahead - I could see a 12x multiple as being appropriate.

Compare it to a company like Apple - which is growing at a good clip and trading on 10x ex cash... You would be mad to own FPH. Same story for AIA. New Zealand investors are far to focused on simple dividned yield and should be considering what the earnings profile is over the next few years. SKC is an example of a NZ company which is growing at 5-10%pa has upside with the convention centre, is relatively ungeared, and is trading on 15x. I know which I would rather own SKC vs FPH. Quality of earnings and barriers to entry also higher with SKC.

FPH a classic 'growth story' that isn't growing - better to call it what it is - a yield story in a defensive sector - but if you do it will have to derate like I say - 10-12x.