Ann: PWH AGM Address and Presentation-PWH.AX, page-5

Summary from Morgans:
Investment view – downgrade to Hold (from Add) Despite the strong underlying organic growth in the business, we expect currency headwinds to result in a reduction in earnings in FY17. We are conscious of PWH's GBP exposure and the group's ability to push through enough price rises to offset the continued weakening of the currency. However, we do view FY17 as an investment year that will position the company for strong growth in future years. Given the short term headwinds and on the back of FX-related earnings downgrades, our equally-blended (DCF, PE, EV/EBITDA) target price falls to A$3.15 (from A$3.26). With a 12-month total shareholder return of -5%, we downgrade our rating to Hold (from Add).