Lol they are saying the post-ADF business will surpass the FY19 results (which includes ADF) by FY21. This is unambiguous.
This should result in a material rerate IMO. Valuation is currently ridiculous. In my assessment FY21 FCF yield will be > 25% if FY21 is higher than FY19 (capex being assumed at 2% of revenue base)