Underestimating regulatory change risks, page-46

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    I'd be surprised if it were that high, as ANZ revenue will only be ~10% higher in the 2nd half compared with the first. Also the company has guided to Group EBITDA of $20-25m, so your ANZ number would imply an even higher loss in the US and UK (I am expecting the US loss to be ~$60m and ~$25m for ROW).
 
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