Chart Update, page-1246

That is my opinion. Yours obviously differs.

My reasons for lower FY19 revenue than current consensus is for reasons such as: the low-hanging fruit of online sales market share has largely been scooped up and therefore I see a slower grind higher on that front. Australia pharmacy and supermarket market share is already above 30% and has been floating/stable at that level for quite a while, so can't see much growth there. Offline sales into China will be a slow burn and is also a lower margin channel - similar to the slow burn in US and UK markets. The Fonterra deal won't have a material impact in 1HY19. It might provide an uplift in 2HY19, but not to the extent that some believe.

My point is that I believe a more moderate growth profile needs to be factored by the market.

I might be wrong. It's just my opinion, which is just one among a crowd ;-)