AUD Impact, page-36

I think at current prices the market is pricing in gradual loss of market share to online operators resulting in stagnant revenue and lower margins, overseas business continue to grow albeit at a much lower return on invested capital than the core Australian business and profitability overseas eroded away over say 10 years or so from competition.

The market tends to extrapolate trends indefinitely and shorters love businesses facing setbacks or headwinds regardless of the company's ability to overcome them in the past.