My post was on the back of much discussion which covered much of the issues you raise, and more. Have a look at the last several posts made by a number of contributors.
By the way, my valuation is only minimally impacted by expectations for next year. One years earnings contribute only a very, very small proportion of the present value of a long lived business.
Cheers, Mars
ARB Price at posting:
$15.23 Sentiment: Hold Disclosure: Held
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