Where is the downside?, page-3

Can you share your source for this?
I see 10% cut for 2018 on the 17 May announcement, plus further cuts in 2019 & 2020.

Looking at LY results, commission revenue (ie. Telstra revenue) made up 179m of total VTG revenue of 645m. Net profit (pre tax) of 54m.

So it's the 179m declining by 10% (-17.9m) for next year, assuming no reduction to costs (unlikely) then impact to net profit is approx -30%.

Very bad impact to earnings, but like I said initially, this loss and about 3 times more is already baked into the SP.. ?