The high PE reflects IVC's near monopoly position and the business that it is in. About 18 months ago IVC acquired Bledisloe and I think they financed the purchase via debt. If that is so then their lender would have had a look at their banking covenants, headroom and security. My guess is that both parties did OK and we got Bledisloe as a consequence.
The high PE reflects IVC's near monopoly position and the...
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