Maybe based on 'current' earnings. But not to a rational, educated buyer of the total business (of which you are buying a part, as a shareholder)who would surely not value the business on those.
Based on average multiples of free cashflow and EBIT over the last decade and/or through the cycle ('muddle through' earnings), it's still cheap.
With Liberty, TTV is also now up significantly, and, yes, they do have to successfully turn that biz around but management has a most excellent track record and I think it's a fair chance they'll do just that and get margins (and profit) for the total business back up in due course.
That said...I hope it falls again so I can buy more.
It's probably also pretty obvious I take a 2-4 year view.
Maybe based on 'current' earnings. But not to a rational,...
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