Ann: Appendix 4E June 30 2017, page-4

"looks to have had some buyers line up...not sure if you can trust depth too much though"

No, you can't read anything into the so-called depth, and you should never even contemplate doing so.

NPAT result was pre-announced earlier, but the composition and quality of the result is good:

GP Margin held up well considering the exchange rate movements
JH tax rate was 34%
Working capital management was very good.
Record Operating Cash flows
Record investment made in the business, including purchase of a property
Company is in net cash position
Record dividend declared

On the negative side, segmental profits in the JH were very strange, with some regions shooting the lights out on an unprecedented scale, and others (Europe and Brazil) going backwards in an unexplicable way.
Needs some clarification from management.

I expect earnings growth will resume in FY18, provided exchange rates don't repeat what happened over the past 12 months in forex markets.

Prospective P/E = 11x and EV/EBITDA = 4.9x, even assuming FY2018 is a flat year.