Make BAL great Again!!!, page-145

Yes, is you look at the language of management over last 12monts it's reassuring.

I'd say double H1 16 is a possibility, this was quite close to H2 16, so splitting hairs.

Even if you take H1 16, add 50% growth and then add +20% for full affect of price rises = (105 x 1.5) x 1.2 = $189mill

EBIT margin was 22.2% H2 16, with more stock going direct to China, you would think EBIT margin could be higher, but BAL did flag higher investment in marketing & people, so it will probably be flat or up a touch. Let's call it 22.5%.

EBIT = $42.5mill

NPAT = $29.75mill

Easy as 1,2,3