Ann: Trading Update, page-16

Made the mistake of ignoring recent price action and lack of reconfirmed guidance at AGM. Still, it is basically trading under 5X EV/EBITDA by my calculations, attractive dividend, CEO with plenty of skin in the game. The price has fallen ~30% since the AGM but EBITDA guidance is revised down by ~10% and it wasn't exactly richly priced back then. Of course the first downgrade is rarely the last but is this signalling permanent decline in the business, I think it's unlikely.