Could you elaborate a bit on what “moderately priced” means to you here?
I do have my own view on valuation and I don’t necessarily consider the reaction wrong. Speqta is not particularly expensive, but it doesn’t have any major drivers to rise high either.
What’s happening now is that the C&C (Click & Collect) cornerstone is carrying a (low) valuation, but the wings are missing. It must be remembered that this, measured on an adjusted earnings basis, is quite expensive (or was) and only looks cheap due to accounting profits that arose from the unpaid additional purchase price in Q2 of last year, if I recall correctly.