Broker update - PT $8.19/share by Deutsche Bank, page-67

The concern is no organic growth in the business, hence the re-rating.

I can't see how that would be the case, but the EBITDA numbers showsomething along these lines... But one has to completely ignore or disbelieve the capex numbers to assume this will continue. A huge amount of the capex spend is on non-BAU type activities

The HY will paint a clearer picture.