Maybe I am missing something but it seems that the downside risk...

Maybe I am missing something but it seems that the downside risk should be minimal (gotta be careful I know because the mkt doesn't always care short term about logic) . But, there doesn't seem to major long term structural issues or significant downtrends with the business. Forecast operating net profit after tax for FY17 is $88m (albeit with some $35m one-off non-cash write downs from this). There are 306m shares on issue and at the current mkt price $3.03 thats a mkt cap of $928m. That means the PE is 9.4. Unless some very bad winds are coming that would appear reasonable value.