$23 Valuation, page-4

Refreshing to see some Buy calls following recent weakness from highs. Personally, I do not see any reason for the price to rebound before June 30, unless there is a market announcement in the interim.

The “valuations” upgraded by a few brokers are not representative of current day valuation but are 12 month targets. Nevertheless they do galvanise sentiment that buying in, or accumulating at current levels is attractive given the company’s trading outlook.

Macquarie & Shaws will no doubt review their own forecasts following Annual Results in a few months (September/October). $17.90 is still a good base case, given where we sit currently. Good results should see a very positive adjustment - in my view.

When expected solid results are published around August/September cannot see anything but a price heading north above $18 at that time. Ex Altium investor money will be looking for a good home too.

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