Thank you for sharing these analyst reports from Macquarie.I am...

Thank you for sharing these analyst reports from Macquarie.

I am not an expert, but there seems to be a few things in there that they have gotten wrong:

Figure 9 reveals the following details of their analysis:

1. Macquarie have the SOI for FY23 as 885 m. We will be at approximately 900 m when the current buy back completes this week. Macquarie then assume 822 m SOI in FY24 and the same number of SOI out to FY26. That obviously doesn't take into account the massive buy back that has already been announced.

2. They estimate total revenue of $6.7 billion for FY23, for an NPAT of $3.1 billion. They then have dividends of $800m being paid for FY23, and what I understand to be $750 m spent on buy backs. They then seem to leave $1.5 billion in cash on the balance sheet, not put to any use?

3. Related to the point in (2), for each of the subsequent years they leave a tonne of cash sitting on the balance sheet, and at FY26 they have WHC sitting on $7 billion in unused cash (which makes absolutely no sense to me).

Someone please tell me if I am reading the report wrong.