Ann: Trading Update, page-128

Yes, I agree. If you look at the pure numbers that is front of us it doesn’t make sense.
If you accept without any revenue increases, DMP full year profit NPBT will be $90x2= $180.
Total savings expected from restructuring net $60m and material like cheese, wheat, others $25m(estimate)total of $85m. Assuming $25m has been already booked in the six months figures just published, there is still $60m to realise between now end June 2025. If you recalculate the EPS it will be close $2. As the growth potential is not completely wiped out, as seen the actual six months figures of 1st HY 8%, you can apply good PE . As I have said before US DPZ or McDonald’s valued at Fwd pe of around 28.
On that basis valuation should be $56. So analysts expecting $50 very conservative and that will be my figure too. Mind you this is without any growth revenue considered in the $ calculation. Flat revenue as 1st HY 2024. As DMP get their act together in Japan and France, as they have done in ANZ& Germany, growth could be well above 8%. I suppose for the market, it needs this to be demonstrated by Don & the team before they give them higher PE. To me upside potential is there, unless someone can show me wrong. At these figures DMP is not valued in 35+ like before.