revisiting investment thesis, page-36

I thought the proforma net debt number looked too high at $140m. Although not sure what is being captured in that $140m (ie is the FCF from 2H14 being included ... it does not look like it to me). Aside from that, an underwhelming presentation, as it just rehashes what we already know about TPI. Although I suppose a new CEO is not going to release a strategic update at a broker conference, probably makes more sense to issue his strategic goals and imperatives at a more focused company briefing. As to guidance re FY15, I guess we wait till the FY14 result now. On my very basic numbers, on a shorter term basis, I would not disagree with your price target MM.