Hi Madtrader Nice work - thank you for sharing So, can I ask -...

Hi Madtrader

Nice work - thank you for sharing

So, can I ask - are you forecasting a continual/continuing fall in NPAT? H2 just gone was strong.

At the current SP the PE is about 9.
If H2 was repeated we'd be talking even less.

Not challenging you here, keen to understand what your research suggests.

You mention the SP range - I agree but I think it's more about management

The business looks to be generating more than enough earnings to justify its current SP and a bit more in my opinion.

I don't expect tho to see much positive movements until guidance in Nov but even then I think the market feels burnt. Even releasing the FY report at 1pm feels amateurish to me.

H1 FY17 is perhaps the earliest any re-rate will be possible imo