Ann: Metcash disputes amended FTC Determinations , page-7

re: Ann: Metcash disputes amended FTC Determi... If I read correctly Metcash is likely to charge approximately 110 Million in impairment charges for restructuring costs and the Queensland write down in FY12. That's almost half of the companies net profit! Coupled with the potential for negative eps growth due to deflation and the constant negative vibes from the recent announcements does anyone think metcash may be overpriced? P/e is currently at about 12x earnings signifying flat eps growth... IMO its too high for the halving of net profit this Financial year coupled with the potential for negative eps underlying growth. Dividend may even be cut this year due to the one off charges...