Thank you for this analysis which acts as a sanity check for...

Thank you for this analysis which acts as a sanity check for me.

1. I agree that many key predictive metrics for FY20 are missing, eg sales growth.

2. I agree that the admin expense of 70m is astronomically high. This has the makings of a red flag, especially because there is no mention of what is being done to fix the problem.

3. I too picked this stock as undervalued, and it therefore comprises a large portion of my portfolio. However I feel that valuation against future cash flow is difficult given the current data.

I'm beginning to think I bought an average company for a great price, instead of a great company for an average price. And average companies can be run into the ground through average management...

My sentiment is not helped by what almost seems to be obfuscation in the Ann. I find the lack of candor frustrating.

I will review the final report when it is released, and if it is reassuring, I will do my best to average down. Will hold until then.

DYOR. All IMHO.