Ann: Appendix 4D & Interim Financial Report 31 December 2017, page-11

A DCF valuation is well and good. However, a business with razor thin margins, with slight (at best) competitive advantages, selling essentially a commodity, under the macro conditions in which it finds itself, is subject to many uncertainties going forward. As such, there will be a very wide dispersion of possibilities in its prospects.

Give me a range of likely valuations, based on a range of realistic future scenarios, and I will pay you some attention. One hard and fast number (which incidently looks very optimistic to me), will not cut the mustard here.