Why, page-93

Longshot

Q is a bit of a surprise package. Taking a position ahead of the results is a gamble IMO.

If we cast our minds back to the 9th of August last year, the key take-out for the path forward lay in the second half result. This showed a run rate which was inconsistent with the Company's bullish commentary and certainly different to the 'heady' expectations on this forum.

Applying this as learning, analysis of the second half of FY 17 will IMO again provide the true picture as far as the platform for growth is concerned. I for one expect the NPAT to be minimal and therefore the EPS to be disappointing. Cant see how the results are going to propel MBE's SP. A more likely scenario is the market will again be harsh on the SP. As I have said many times before, the SP will gravitate to a multiple of the EPS. IMO, forget a multiple of 20 or 25 in the short term. You can do the sums.

Rokewa