Allied Irish Banks, Clontarf Energy, Fastnet Oil & Gas, ICON, Irish shares, Irish Stock Exchange, Irish value investing, ISEQ, Kerry Group, portfolio performance, Providence Resources, Ryanair Holdings, TGISVP, The Great Irish Share Valuation Project, Total Produce
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Company: Kerry Group
Price: EUR 51.60
So, here I am again – eyeballing Kerry’s valuation, and searching for supporting evidence in its accounts. But it’s nowhere to be found… Now I think about it, maybe all the big Irish food/agri companies will end up looking wildly over-valued to my jaundiced eye? This investor homage perplexes me – surely someone recalls how little respect these companies commanded in the past?! Well, perhaps they were different beasts then – but I don’t believe they’ve (fully) delivered on what they promised, when they embarked on this multi-year process of portfolio rationalization & re-configuration. And I certainly don’t believe they’ve grown into their current valuations either.
Then again, maybe I shouldn’t look a gift horse in the mouth! Now Donegal Investment Group (DCP:ID) has ditched its dairy business, and is looking to shed non-core assets & move up the value chain, surely it’s on the verge of a similar multiple? Hmmm, so what’s a 20 P/E worth to DCP?! 🙂