I won't deny that I was not frustrated by the non performance of the stock price, past year or so. My problems with PI got compounded as not only, my allocation was inappropriate, but my average price was on the higher side, thanks to Dollar cost averaging ( I truly believe now that Dollar cost averaging sucks). I did a thorough research on every fundamental aspect, except the most important one, 'Price". I was desperately looking for answers and wisdom, though I found solace in Mr. Hitesh Patel's views, but since I did not do the number crunching myself on the price/intrinsic value, I never got the confidence. But upon running through a Common size analysis, getting an estimated EPS for FY18, and running a DCF too(not a fan at all of DCF, but it does give an idea, provided you believe in those numbers) I realized that its just overvalued.
Peter Lynch says that if you know why you bought the stock in the first place, you will also know when to sell.
And the reasons I bought PI for in the first place are still intact and the story is not over yet, it is still coming up with new products, spending on R&D, capex is happening and PI is growing., despite market gyrations. And the most important of all, is the Promoter still passionate about business as he was, as Siddhartha Lal is for Eicher, Achal Bakeri for Symphony. Yes, I do believe, he is.
I was contemplating of entering in some other growth story, forgetting for some time, that I am already in one.