Market Might Still Lack Some Conviction On Perenti Limited (ASX:PRN) Even After 27% Share Price Boost
Despite an already strong run, Perenti Limited (ASX:PRN) shares have been powering on, with a gain of 27% in the last thirty days. The last month tops off a massive increase of 123% in the last year.
Even after such a large jump in price, given about half the companies in Australia have price-to-earnings ratios (or “P/E’s”) above 20x, you may still consider Perenti as an attractive investment with its 17.3x P/E ratio. Nonetheless, we’d need to dig a little deeper to determine if there is a rational basis for the reduced P/E.
Recent times have been advantageous for Perenti as its earnings have been rising…
