An interesting situation. There are clearly elements of the...

An interesting situation. There are clearly elements of the report that are very amateurish (e.g. not including sustained purchasing in the dcf is plain bonkers unless they think they'll go bust over the run off and they have a bit to learn on the topic of when something becomes statute barred). There are however elements that have merit. On the topic of earnings I've always looked through the accounting metrics to long term cash multiples using my own analysis for the 3 asx listeds in this sector. It's just too easy to manipulate revenue not to go to the cash (and trust me channel stuffing can be done there too like with any business). As part of my multi year analysis (lifetime pretty much for the 3), I've always had a view on who's doing what and picked my investing target in this sector on my related relative best value opportunity. Luckily for me that's had me in and out with over 100% return over a 2 year time frame, but pulled out of this segment of diversified financials a while back for one reason or another. Back in 2016 I included some info on CLH thread re amortised cost accounting and some thoughts in posts #19122602 & #19126565. What I included then is still relevant to this discussion and might be of some interest to those reading this. DYOR