Ann: Profit Guidance, page-43

Some back of the envelope numbers:
1st Half year 2018: $11 million profit = approx EPS of 6.9c against half year 2017 EPS of 9.8c

2nd Half year 2018: $6million profit ($17-$11 million= approx EPS of 3.8c against second half 2017 EPS of 6.4c

Shares on hand: 158 million

We are seeing a rapid and continued decrease in earnings with no light yet at the end of the tunnel.

If I extrapolate 3.8c x 2 = 7.6c as maybe (and only maybe) bottom of the cycle earnings, then on a PE of say 8 i get a share price of only 60c.

I am staying on the sidelines.
Too dangerous still to dip in