Analyst price targets, page-123

We are not in disagreement as to the proposition that the company should potentially be valued higher than it is. The problem is that the market is currently of a different opinion, regardless of what we think or broker valuations, etc. Not much else matters in the short to medium term really, the price is the price. The fact is that current state of market sentiment/confidence is poor in view of SE2/3 and some of the earlier disappointments. Markets tend to trade on emotion/sentiment in short term context. Should ED and/or gas review outcomes disappoint, the market will respond accordingly with that emotion/sentiment.

Should these outcomes surprise to the upside, then hopefully some positive momentum will instead develop - the question though is how well that could be sustained given the suppression patterns we have observed to date. Sure, we need to keep ticking those boxes, and if we do at some point the value will be reflected by the market. My point is simply that you can't count those ticks right now until they actually eventuate.