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The 86% (in the spreadsheets I sent you) was last years' return

Chris
Sorry I should have re-phrased that a little better !!
Method still looks good to me - could it be further refined to apply it using the average sector multiple. You could then apply it to miners for example who all seem to have extremely low p/e's (the ones I'm interested in anyway).
Cheers
Harmy
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