VEA [MARKET PERFORM -3.0%] - Valuation looks full after recent share price rally - Update
  • 2019-06-25T20:01:51
  • Company Research
We downgrade our rating from OUTPERFORM to MARKET PERFORM following a 26% share price rally over the last two months. In this report, we raise our target PER for VEA’s associate profits from 10x to 11x in accordance with our select peer group’s five-year average while maintaining a valuation discount of 25%, primarily attributed to VEA’s lack of control over its associate automobile companies.