Ann: Establishment of Multicurrency Debt Issuance, page-23

re: Ann: Establishment of Multicurrency Debt ... The growing amount of pessimism and the blatant downrampers on this forum tells me we're getting closer to the bottom of this correction phase. With a x21 PE for this year and forward PE of x14-16 next year at current prices (not including any further acquisitions which management have made it clear they will be making), stable earnings, proven management, encouraging demographics (increased female workforce participation) and high dividend growth hard to see where you can go wrong.

Technically speaking, I've had my eyes on the 50% and 61.8% retracements for quite a while, at $4.23 and $3.96 respectively. I've got a worst case "panic" scenario where the SP fills the gap at $3.81, which also plays out the head and shoulders pattern, implying a forward FY15 PE of 13ish (not including any future acquisitions). Suffice to say I'll be loading up around these levels should they play out and to all the naysayers I invite them to have a discussion with me about where the SP is and how the business has progressed in a years time.

Cheers