I think, having digested some analyst reports overnight, because...

I think, having digested some analyst reports overnight, because the underlying result is poor. This is a financially engineered result, with the most significant change the adoption of new valuation treatment. Cash collections vs PDL valuation has dropped to lowest level in a decade and EBITDA is looking sick. As analyst notes "if the company had applied the same amortisation rate in 2H19 as in 1H19, it would have delivered underlying NPAT of A$13.5m (vs. A$21.7m), leading to a result ~36% lower than that reported by the company.". DYOR but there's different story in the cash accounts to the one being trumpeted in the preso, hence the somber tone. This broker reduced PT to $1.10 and Strong Sell.