You may wish to rethink your first paragraph. The company...

You may wish to rethink your first paragraph. The company provided npat guidance of 18-25% npat growth in fy16, not eps guidance. So the 10% difference between market consensus eps and the boards eps guidance is very real.

The question to ask is why has it not found an equilibrium yet?

Perhaps the 3 analysts covering the stock (one is morgans) are waiting until the cr is completed. With the current sp around $21 and the cr at $19.5 the mirage of an arbitrage opportunity will no doubt draw the bulk of investors in.

The next question to ask is what will happen to the sp in July when the cr is completed and the lure of the dividend is removed. Do you think the 10% difference between market consensus vs board guidance will remain until the full year results are reported? Or do you think market consensus will be "allowed" to find an equilibrium.

I will make the final point that only 3 analysts currently "control" the market consensus eps guidance. Morgans is one. Their eps estimate provides the high point of the eps range, thereby artificially dragging the average up to 122 cps. Now consider this, Morgans recently downgraded their earnings estimate from 50% down to 35% npat growth in fy16. At some point before the final results are released, morgans must reduce their earnings estimate to match the boards guidance of 18-25%.

Cain, you can bury your head in the sand and argue to your blue in the face that all is well. The challenge we all face is thinking beyond our own vested interests that cloud our judgement. The ability to analyse something rationally and objectively. Not to fall into the age old trap of pandering to the spin doctor of our vested interests.