where we are at now., page-14

I still think this offers good risk reward. If you look at the annualised Australian numbers the growth and profits are there - $16 mil EBITDA, $12 mil EBIT, growing revenues and great margins. The issue is that the international business’ losses currently mask this - the best metric to capture the magnitude of this ‘masking’ is that PPS paid more in tax last half than it made in net profit (and net profit itself doubled last half so imagine if we didn’t have that drag).

I still think (barring a global black swan event) that the international business has potential - the trending rate of net inflows is positive and with patience this could turn into the growth lever that PPS’ domestic counterparts lack.

I’m still in because I think if the international business starts to work this thing will rerate hard. If not the risk of permanent capital losses in the long term are minimal because the domestic business is still good.