Ann: FY23 Results - Presentation, page-2

I'm pretty confused by this result. Will need to spend some more time on it.

They are raising the dividend, however the operating earnings are expected to decline a further 20% on the 20% decline for the last 12 months. This also assumes no change in the market, which seems fairly optimistic.

Look through gearing up to 33%.

I don't see how they manage to lift DPS without going through an asset sale process.

Market make like the headline, but the underlying result to me looks extremely poor and getting worse.

I really want to own this stock again, just need a larger margin of safety.