Nathan Hughes (Perpetual) : Again it’s a sell, Ally, but really that is valuation driven. I mean, PEXA is a really unique business. So they’re dominant in the Australian market. They’ve solved a problem for the industry and we think their competitive position here is relatively assured. I don’t think that competition, whilst it’s there, I don’t think it’s going to impact them because of their first-mover advantage and the links that they’ve built with industry participants, be it conveyances or banks and the like. There are some concerns that pricing might be kept under check here, domestically. And also, I think in today’s valuation, you are assuming success offshore, which comes with execution risk, time and considerable investment.
Ally Selby (Livewire Markets) : Mike, its share price has plummeted around 6% since it listed. Is it a buy, hold or sell?
Mike Murray (Australian Ethical) : I don’t disagree with Nathan’s comments about the business, except we have a different view on the opportunity. I’m going to call it a buy. We own the stock. And really it comes back to the fact that stocks like this rarely look attractive on near-term earnings. We’re believers in the long-term opportunity here. And I think the experience with these kinds of platform-style businesses has been, they tend to grow for longer periods of time at higher rates than might be apparent when they first list, so we like this one.
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