@jg123456
I'm with @HK1. I'm really not sure what there is to complain about. Exports are still far from certain, and in my opinion there is no real reason to expect that this is anywhere near a slam dunk. The goose that lays the golden eggs is still the domestic market.
That said, in the last couple of years, exports have displayed what looks like strong seasonality, with H2 revenues noticeably stronger than H1 revenues. In H2 FY2016, they were 22% higher than H1 FY16. So if Q3 growth slowed compared with H1, then what we are largely seeing is a repeat of this seasonality, I would suggest.
But what really matters, is that for all the challenges being thrown up by the domestic economy, domestic revenues seem to be growing at circa 6% annual rates and EBIT at circa 8% annual rates. A business that can generate 8% growth under less than buoyant conditions, which has an exceptionally strong and enduring moat, who's longevity can be expected to be very long, is worth a lot. What's more, it is growth that, over the long term, can be expected to be a consequence of high reruns on incremental capital.
There are many companies that are growing much more strongly today, but the durability of that growth is questionable, and the value of that growth may also be. These businesses are not worth a fraction of an ARB.
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@jg123456 I'm with @HK1. I'm really not sure what there is to...
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