Ann: FY2022 - Half Year Financial Results Briefing, page-26

I didn't invest waiting for the turnaround to occur... But IRI sits in my high conviction watchlist, and for good reason since they delivered 10yrs of 30% ROE, consistent EPS growth and no dilution...

This update might actually provide an entry through, as even with the current poor performance the metrics are starting to look okay;
EV / Revenue - 1.3x
EV / NPAT - 15x (assumed A$7M NPAT)
EV / FCF - 16x

I still think there may be further downside until the company confirms some sort of US recovery, however this IRI IMO is becoming a compelling buy if you believe the management can turn around the company, and there is no reason to think they cannot. I think I likened buying to IRI to DTL back in the day when you could pick it up for 50c, has some parallels IMO.