Ann: 2015 Half Year Results Investor Presentation, page-15

I agree , as usual their estimates assume that nothing ever changes , O.P wont ever change and profits will never change . We have already witnessed their disgraceful efforts pre and during the G.F.C. Furthermore MRM capex of $150 ml will end this F Y. this will free up capitol to further decrease debt and post profits , and lucrative new long term contracts commence in July , in as much as earnings may decrease it is fair to say the company is now leaner and much more able to cope with trying conditions than before . Past earnings have been $380 ml yet after tax profits were as much as $70. ml at their very highest and divs were around 10% . Its not very bright to assume all things stay the same forever . These Guys are always behind the curve , both in up trending markets and falling markets . Smart people don't make make these kind of mistakes , smart people research, and calculate , study past ' Technical Analysis ' make informed judgements take positions at the low end of the cycle and sell at the top of the cycle . These Guys will recommend a buy at the top of the cycle when the game is up , they always do ..........