Ann: Appendix 4E and 2018 Annual Report, page-12

Boy, another complex result.
Soooo many moving parts.... some moving in the favour of earnings, some a drag on earnings.

But they will have to stabilise the Consumer division pretty soon, because it's result was a shocker.
Presumably the industry is approaching the point of maximum pain, and some sort of competitive discipline will be restored.

I suspect the market will not be overly enamoured with the profit guidance for FY2019.

At any rate, the inevitable sticker shock on the part of the market to today's announcement will mean that I will be adding to my current AGL shareholding.

Sure, whenever you get volatile earnings streams there is a degree of uncertainty, but at valuations of 13x P/E and 7.5x EV/EBITDA, there appears to be a great deal of uncertainty already priced into the market value of the company.