You are right - despite the recent drop - a forward PE of 27 in combination with a EPS forward CAGR of 10 looks still pretty dear. Even dearer than the big international ERP giant SAP (With a forward PE of 22.5 and a EPS forward CAGR of 12; And nobody knows what BREXIT will do to GTK if and when it happens ;
Mind you - there are more expensive companies currently on the NZX which are maintaining an uptrend - must be one of these "the market is always right" situations.
Discl: decided to watch the recent downtrend from the sidelines and not yet back in;
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