I did not mean that – I meant specific to the company – how did they get these mines all of a sudden with no trace of them having bid or having owned them earlier.

This is a market where Nestle with a growth of 10% and problems like Maggi is valued at 43 times earnings why not Page with better industry position and business quality trade at 70 times? For me Page is a business that must be held for many years to come and it would be premature to sell it out citing valuation. For people who don’t have it yet in their portfolio it is entirely their call to buy at this valuation because the market is full of opportunities and there are always other ideas that can provide valuation comfort. Disclosure: Invested from lower levels

Surprised that no one has asked this question – the biggest moat in this business is access to the mines. How can a company like this get access to mines without paying royalty/bid amount etc. Won’t this come as a national reserve where you have to pay revenue share/royalty to government for the licence.

how did they get this mine out of thin air ? And more importantly, if they had it all along, why did’nt they not develop it themselves or outlicence it to someone. its’ not easy to get 14 mines like this unless you have “connections” in India. also, there is no amortization/royalty amount of Rs. 19 lakhs which is chicken feed which happens with every precious natural resource where one has to pay for licence/revenue share.

can someone pls answer the above pls ? does quartz come under natural resources or not ? It is a mineral for sure and hence should come under it.

foreign currency debt, low taxes, carry forward losses and sudden change of fortunes are things I am not able to explain. their fortune coincides with last year’s election verdict. has someone met the management and asked them on this

I agree, 100% equities until I turn 40 at least!

Well background helps but nothing beats Passion!

Cheers!

Absolutely agree with you, 16% sales growth for the last quarter is on the minds of the investors. Management has clarified (hopefully, they are right) that it is one off and growth should resume from Q2. Given that it’s at high PE as well market is taking its time. But once Q2/Q3 provides the normal growth Page usually sustains, the price should catch up – as you rightly said.

I usually go back to what was said in investing books during these times (Buffett, Lynch) – there might be quarters where the growth may be a bit slack but companies of Page QUALITY generally over time recovers. This is usually a good time for accumulation.