Ann: Business Update, page-186

Not sure why anyone is buying above $4. NPAT for FY17 is estimated to be between $15.4m - $18.2m. At current market cap ($517m), it's trading at PE 28-34. Fair value is around $4 and even that's probably being generous at a PE 21-25 given the issues the company is facing and no sign of a turnaround for at least 12-18 months. I think the only thing holding the share price up at the minute is shorters covering. I think there will be a short attack in the coming weeks.