With 3800 clients on average having gold (just guessing) - it amounts to 650k monthly that can possible be deferred. Not sure how to calculate the most likely amount being deferred from this. 100% of deferred will not flow to bottomline.
What I am trying to do is to say the value of the 9 million deferred - what is that in reality. If 6 million then I look at result FY17 as (-4.2+6)=1.8. If 4 million then FY is (-0.2)
So the cost of the deferred matters a lot in my universe to try and establish what I believe is a fair price for BIG.
BIG Price at posting:
$1.34 Sentiment: Hold Disclosure: Held