It shoul go up

Disappointing first half 2015, but forecasting a stronger 2nd half. No change to dividend.

Key point is that they are forecasting a 10-15% reduction in full year 2015 prospectus numbers (which at the $1:15 float price was a PE of 8.9).

So, if we assume that FY 15 will be 15% below prospectus, then at the current price of 76 cents that is a PE of only 6.9. So despite the downgrade PGR is still way cheaper than the float price.

Remains to be seen if the market will view it this way though. I expect an initial drop and then the smart buying will start.