Great analysis...
my points:
- Book value is not a good indicator as most is Good Will easily written down
- P/E on its own is not a good indicator either
- DCF most reliable method however very difficult with several acquisitions
- Trading below fair value but not cheap
- Execution will be difficult
- FY17 forecast skewed to 2H is a red flag
- Directors/CFO selling shares /resigning combined with downgrade has caused a negative sediment
Based on the above I believe the share price has further to fall... It will turn around once they get house in order..
Analysis, page-5
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