OzForex soars on debut

So much for our $2.20 buy price. OxForex started trading at $2.59 at noon today and hit $2.67 before slipping back slightly. The lowest traded price looks like $2.53, so members won't have been able to take advantage of our Speculative Buy recommendation in OzForex on the money on 9 Oct 13 (Speculative Buy – $2.00) and we won't include it in our recommendation report. At $2.60, the stock is trading on a multiple of 33 times forecast earnings per share for the year to June 2014 and 28 times for the year to September 2014. That doesn't offer...

So much for our $2.20 buy price. OxForex started trading at $2.59 at noon today and hit $2.67 before slipping back slightly. The lowest traded price looks like $2.53, so members won't have been able to take advantage of our Speculative Buy recommendation in OzForex on the money on 9 Oct 13 (Speculative Buy – $2.00) and we won't include it in our recommendation report.

At $2.60, the stock is trading on a multiple of 33 times forecast earnings per share for the year to June 2014 and 28 times for the year to September 2014. That doesn't offer enough margin of safety for us, so we're downgrading to HOLD.

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