at what price do you buy in?, page-122

Also from the AFR in their article on Fundies' picks for the year:

* Catherine Allfrey and Raaz Bhuyan from WaveStone nominate gaming machine developer Aristocrat Leisure as their long idea. "If we assume Aristocrat's historic rate of return on its design and development spend at 11 to 12 per cent of sales (circa $500 million in 2018-19), Aristocrat should organically be able to grow its EPS 8 to 10 per cent per annum over the next three to five years. Trading on 15 times P/E we think this too cheap for a global leader."The WaveStone pair are short select ASX-listed technology names, as "the multiples that some of the technology stocks trade on are too high in Australia and the blue-sky earnings estimates will need to be brought back", they say.* Tribeca's Jun Bei Liu is also betting on good fortune for Aristocrat Leisure, which is trading at a meaningful discount to the market "despite strong growth projections over the next few years". She is expecting at least a 30 per cent return over 12 months.