Make BAL great Again!!!, page-147

Yes, sorry! Used the the full FY16 EBIT margin, H2 was higher than H1 due to China segment sales & full 6 months of price rises.

Crap, I've been too conservative with my estimates. China segment sales will have increased, COGS will have improved due to falling organic milk price & strong AUD/EUR, counterbalanced by $7.5-10mill extra investment.

Will have to revisit a few things tomorrow, looking at EPS over $0.70 for FY17 now. So still only on forward PE of about 17 @$12. Room to move higher from a fundamental perspective, still highly undervalued.