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Thanks for your thoughts. I understand the quality margins, b/s, and returns this company generates. But why when it returns to pre covid levels of tourists, say in ‘24 and has eps of say 750, so trading 11.5x, should it trade for a much higher multiple than a growth rate likely to be not much higher than 11/12x?
Thanks for your thoughts. I understand the quality margins, b/s, and returns this company generates. But why when it returns to pre covid levels of tourists, say in ‘24 and has eps of say 750, so trading 11.5x, should it trade for a much higher multiple than a growth rate likely to be not much higher than 11/12x?