Coronation tells an excellent year-on-year story for its "fund management earnings per share" - of course thanks to the tax issue in the base.
Here's the trajectory without the tax fight:
Mar 22 - 214.8 cents
Mar 23 - 191.5 cents
Mar 24 - 183.5 - 186.1 cents
Hmmm.
You have caveats but don't quite say it explicitly, so I want to make sure I understand: Your Assumption 2 can't hold in the case of staggered interventions, no exit -- correct? By construction, treatment is a deterministic, nonlinear function of cohort effects and time effects.
The P/E ratio SUCKS.
It’s a flawed metric that deceives investors.
Here are 8 reasons why the P/E ratio can be INCREDIBLY misleading (and what to do instead):