hindmost....historically RCR has been hovering at around a PE of 6. So it was being discounted by the market as it was before this gem of a result..
When RCR is returning EBIT margins of 1.8% vs previous halves of 5.0% and 5.2%, then slashing the div by half, then assigning a PE of 6 is probably generous based on them missing all notable financial metrics.
This will slide lower tomorrow, once holders come home and check their intraday performance.
Ann: RCR 2016 Half-Year Results - Investor Presentation, page-15
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