A buy at this price, page-12

Some further thoughts:
Cash flow is going to get real tough soon, if profits continue to fall. Even the small 2c dividend could get cancelled in the future.

Management has guided to 2018 EBIT of $220-$240m
2017 EBIT was $261 million, so thats another drop of $20-$40m.

Next go to the 2017 Annual Report and look at the financials.
Cash flow from operations experienced a massive drop, from $201m to $140m. This better recover soon or there is going to be real trouble.

If $140m is the new base norm.
Take out $60m for dividends (at 2c)
Take out $37m for interest payments on debt.
Leaves just $43m of cash flow left. Not much left for investment back into the company or to repay current debt of $795m.

Then still have to factor in the 2018 drop in EBIT of $20-$40m. Put this into the above and it starts to look really scary.

So when you see the share price continue to drop, its because the market is bl**dy nervous. Increasing chance of a dilutionary capital raise and/or cancellation of the dividend.

Debt of $795 is much too high for a company with this sought of EBIT.