Ann: Quarterly Report June 2019, page-4

I agree.

This is a very poor result. Whether it's priced in is hard to tell (as it's subjective to each investor) but would new investors decide to buy this over other goldies? I don't think so. Peak is running at a very near loss if you consider development capital (AIC).

The other question is: would existing investors decide to hold this now after a incredibly poor result and frankly a poor FY20 (if it even plays out according to guidance). Perhaps the 'loyal' retail SH would but IMO institutional investors may decide to cut the cord as the risks are substantial.

I guess time will tell whether this has been priced in. If it falls back into the price channel that it just broke out of, it'll almost certainly head below 38. Shorters could very well push it around and affect that outcome.