The stock is still showing a high PE at 25+ from Morningstar. With falling revenues and earnings I can understand why the price has fallen and is likely to continue doing so. The latest Shareholder Briefing did not give any substance on which to base forward estimates (it was more like a presentation for a visit by a high school group rather than for shareholders). As a result it has fed into a lack of confidence.
Ann: Shareholder Briefing, page-45
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