GWA Group

Theory says you should price cyclical companies on a relatively high price-earnings ratio at cyclical low points and a low PER at peaks, in anticipation of the upswing or the downswing to come. But it does rather beg the question of how you know there’s actually going to be an upswing or downswing. It’s a pertinent question right now, with companies in many sectors enduring yet another year of weak conditions. GWA Group, for example, saw its earnings per share peak at 23 cents way back in 2005, and this year they’re expected to hit their lowest in the...

Theory says you should price cyclical companies on a relatively high price-earnings ratio at cyclical low points and a low PER at peaks, in anticipation of the upswing or the downswing to come. But it does rather beg the question of how you know there’s actually going to be an upswing or downswing.

It’s a pertinent question right now, with companies in many sectors enduring yet another year of weak conditions.

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