Fy17 npat forecasts?, page-83

The market won't value this based on a PE on FY17 NPAT in isolation, particularly when it is expected to be a transitory inflection period. The market will use a weak quarter to reset and lower forward growth expectations, which will reduce the estimated fair value, which wont be judged on FY17 NPAT in isolation. If you are going to through numbers around, be sensible about it.

In addition, the company can still report positive NPAT but burn cash as working capital costs show in the balance sheet rather than P&L, as material and other inputs are recorded on the P&L at time of sale, not when the cash it paid for them. Over time, as sales and NPAT grows, CFs will lag because of this reason, which is endemic of any fast growing manufacturing business.