Ann: Trading Update, page-319

I agree. On the 25 Jan 30% SP slide was over done over 10% reduction in the earnings for current year. The following FY FCST are picking up and it will reflect in the SP as soon we receive few more confirmation of improvements of revenue, specially in Japan. They seems to be doing a good job with the introduction of new products like Meltzz and my box as mentioned with the release of 1st HY results, not to forget the savings from restructuring of closing unprofitable stores. Apparently it is a slow process in countries like France going through regulations. This will bring back more reasonable PE valuation on fwd earnings. Not the absurd rates applied few years back. IMO it will go back to PE of 28 range, like in the similar industries and companies.