Toot toot and woooshh, page-15

CKF is still trading at a discount to the broader Consumer Discretionary sector. Its current PE is at c18.7 whilst the latter is at c20.9, suggesting CKF's SP may still have some way to go.

Of course, PE is not the sole measure of where it should be. Their ROE and ROC have been steadily increasing over the past 3 years, as have a range of other measures (EBITDA, EBIT, underlying profit, current assets, .....). With the German acquisition the management has demonstrated they are going for growth, both organically and through acquisition, so the spec value of the stock is going up. I would expect CKF's SP to maintain momentum for some time yet.