Given the volatility in SP, i thought they might have gone with High, but if you look at BAL's performance and the market they operate in, earnings are likely to be relatively predictable. As they state in the report, even if you take out all China sales, the company is still worth about $12.75 a share in their opinion. So there is a large margin of error in their valuation, thus medium risk.
ord minnett, page-27
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