At $2.20, HSO is trading on a forecast Price Earnings (PE)...

At $2.20, HSO is trading on a forecast Price Earnings (PE) multiple of approx 18 times for FY17, reasonable for a company with a strong position in an industry with favorable long-term prospects.

The risk is growth in underlying operating profit (EBITDA) could be flat year-on-year if 'horrendus' trends persist - ie the key risk is that this is a trend, and not just a cyclical blip.

In any case, this stock has plenty of work ahead to restore market confidence after falling 70 cents in a day on its AGM news.

GLTH