Ann: Quarterly Report - April to June 2024, page-18

It is important to separate out whether you'd buy, hold or sell a stock, and whether you think management is doing a good job.

Whether TER is good value - you mentioned P/E - depends on each trader or investor. Others might think about EBITDA or NAV or straight lines or squiggly lines or gut feel or astrology. For me, P/E ratio or any of the other methods is can be a shortcut.

I've compared the various Queensland producers - not to cross promote - but to see how they've performed under similar conditions. You mentioned industry wide issues such as weather, rail and port etc. So it was only fair to compare sales, because production would've ignored the impact of rail and port.

Why even focus about management? I'd be willing to pay more for good management and less for bad management.