So what way are expenses actually account for? This is actually...

So what way are expenses actually account for?

This is actually the part I am spending hours daily to try and figure.

I am trying to examine month 11-12 in the life of BIG.

An order is given in month 11-12 and according to big it takes 6-8 weeks before the video is produced and another 2-3 before the editing has taken place.

So expenses to a camera crew, editing, announcer, gurus simply cannot be included in FY17 according to BIGs own words.

Now - it is unclear to me how much of the package price cost is related to the above but it sure is not anything and it is not fractional. It is bigger than that.

In that light -then the -4.2 is really 4.2 is not true.

My simple thinking is that had it been another company with no deferred revenues and no questions to ask about future costs of orders already taken then the valuation of the share would very much depend on a result being -4.2 or positive 4.2 ------so I take the same approach here.

All in all then the sky is not the limit anymore because BIG margins are simply not good enough to place a high multiple on the SP.

It doesn't make BIG a bad business - it just makes the risk/reward different.