Ann: 2018 Half Year Results Presentation, page-8

Adam, can you enlighten me on "Stripping out the writeback of the earn-out provision" and its consequences. DWS isn't a star, but then again, its no dog either. Has been reasonably consistent over the past 10 years with average CAPE eps of 12.3c. At $1.46 its still a tad expensive but coming into range for those wanting a yield stock with reasonably strong BS. They should be in positive net cash territory by end of 2H18...assuming no new acquisition. The macro on 2H does look tighter, but Wallis has proved himself as an all weather CEO.