Q: Hi, We want to start a position in Propel. Bust stock seems to be volatile and we are not sure what would be a decent entry point. Could you remind us at what price 5i initiated the 1.5% position. Thank You
5i Research Answer:
We initiated coverage on PRL at $15.65 and the price we added it to the model portfolios was at $20.10. Despite the run up it has had, it is still quite cheap at 10.6x forward earnings. We think current levels are still an attractive entry point given the growth upside and nice yield that PRL offers.