# of AB1 Shares on Issue and current EBIT best guess., page-267

I agree, on a micro level all the acquisitions of the past few months should see us beat previous revenue guidance, so in anticipation of the financials alone I think the price on PM is very cheap. However, not every investor would be as confident as you and me, especially with some dark clouds forming for credit and equity markets. I have no doubt there are some people out there making an early exit not just from AB1 but stocks in general, given the current macro environment.