Ann: 2018 Full Year Results, page-16

I doubt I will be coming back unless there is a new "panic". Any way you dice it, this is still a business in a declining industry, on slim margins, generating very poor returns on capital. What's more, I personally have no idea when cost of goods will go up, or for that matter if inventory write-downs are around the corner.

In short, for me, this needs to be dirt cheap.