Peak sp was $2.71 back in Nov 2007. Now the number of shares is being tripled, so divide it by 3 --> approx $0.90.
The big difference between Nov 2007 and now is that back then there was a huge debt but people didn't seem to mind. People started to focus on the debt after the Lehman collapse I think, and over punished BLY. After the spp complete the debt is going to be reduced by 78%, as stated in the cap raise. With the strong AUD it looks like the cap raise will be able to clear more than 78%.
With a small debt and with recovery happening your 80c target in 2 years is conservative IMO.
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