Hi AllInteresting conversation.For what it is worth, I think...

Hi All

Interesting conversation.

For what it is worth, I think they have 'misread the room' regarding the issuing of Performance Bonuses for the 2026 year.

A 'stretch target' SP of 25.3c is somewhat 'underwhelming'. I am hoping for $1+.

The low SP is a source of frustration for all us holders.

If I could park that for a minute though, I found Deals' comments about dilution etc interesting. It ties in with my general opinion Performance KPIs. I am not a fan of what happens across the board, in that regard. I would like to see a combination of SP/Earnings metrics when Performance Rights are structured.

In any case, I thought a comparison of the the yearly results which factored in things like dilution would be an interesting exercise.

In terms of methodology, I used the 2019 year as the base year and compared those results to the recent years. I 'calculatd' the Shares on Issue form the Top 20 list in each of the annual Reports.

I reckon my methodology is far from perfect but I chose the 2019 year as the base year because that is when the company went back to being profitable.

The thing is that until this year, the 'business' was showing steady improvement. Even with the downturn, some metrics (Earnings per share for example) compare favourably to the base year, despite this year's revenue drop).

In any case, here is a graphical representation:






It was based on this raw data




And the graph is derived form the 2019 being used as the base year





Looking ahead, I hope 2024 sees a turnaround (from Q2 onwards). 2023 was a rough year.


Cheers