Target $18.72, page-638

I don't do share price valuations because it doesn't matter if you make the most accurate cashflow estimate in the world, the market will still value it however it wants to without regard for reality. Better to model earnings and then rely on the adage of the market being a short term voting machine but a long term weighing machine.

But after the quarterly is released in the next couple of weeks I'll revisit my half year NPAT estimate. At the moment looking at the futures curve and assuming no production hiccups from flooding etc, I reckon we are looking at around $2B - which incidentally is equal to the entire full year profit of last FY.