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Time for new way to value equities?
Thursday 14th of April 2016
New Zealand’s equity market has a price-to-earnings (P/E) ratio of 18.5, compared to a five-year average of 16.2.
But Stuart Williams, head of equities at Nikko Asset Management, said while that seemed expensive, it did not mean the stocks were overvalued.
“Most people who look at equity valuations look at P/E. They look at that and go it looks elevated versus its history, which i...
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