Ann: 1H23 Results Presentation, page-97

Had a quick look at results to 30/12. Noticed earnings per share (EPS) was about 10 cents so full year result probably around 20 cents.

So if 10% net profit growth, EPS for year ending 30 June 2024 will be about 22 cents.

If I pay $7.00 for a share on 1 July 2023 my expected return for 2023 - 2024 will be 22 cents divided by $7.00 which is 3.1%.

That's a poor short term return so I think the share price will struggle to get over $7.00 until there is a material improvement in EPS.

Think that's why the share price got smashed this week.

They absolutely have to get MVM up to 100% operating capacity to absorb fixed costs into saleable product.

I think the only upside for a2m is that they have good growth opportunities so the medium to longer time horizon looks good.

Think the stock will range trade up to $7 over the next 12 months..

Suggest you all model your own forecasts using above methodology and see what share price you get.

I.e. the share price is simply a ratio of your estimated EPS, and the return you want. i.e. if you want more than a 3.1% return your share price valuation will be lower than $7.

I still hold a2m, I am disappointed, but I am not selling.

GLTASH, We push on.