Ann: Trading Update, page-15

Hi Larry, I get your point, here's what I said to a mate yesterday (part of a conversation about BET hitting LTIP targets):

The key thing about today's announcement is it confirms March Qtr wasn't a fluke or one off. They have genuinely bottomed out and more importantly are accelerating forward. Market is still either not trusting, bloody slow or burnt and bitter. Given the burnt and bitter have loved to recycle that management are only in it for themselves, they should have seen that management have every incentive they need to make themselves wealthier by hitting these targets. I call that an alignment of interests compared to the bad old days so I took it as a positive reason to top up in the 8's. When you're growing revenue and margins, it doesn't take long for the bottom line to improve dramatically. As the analyst says, 1.2x EV/Sales is crazy if it's growing compared to the market. Should already be double where we are today on most metrics (and you could make a case for triple or more)...