Steady Rise, page-35

It’s certainly worthwhile to look across to the results of peers like SWM. The weak final profit there (of $12.4mn), the result of a high level of ‘significant items’ (totaling $83mn), is cause for a little nervousness; however, the items in question are non-cash restructuring charges for the most part (cash flow looks okay) and not anything that would imply NEC will report significantly weaker-than-expected results..

Net profit after tax of $12.4million was impacted by significant items of $83.3 million, which predominantly related to a $75.5 million reduction in the carrying value of Yahoo7. Additional significant items of $7.8 million include the closure of Presto, sale of Sky News and magazine titles. {Source: SWM announcement 1HF17 Results Presentation Speakers’ Notes, 15 Feb}

Quite possibly, the share price of NEC, which has come off over the past month or so, might already discount a shortfall in interim earnings vs. expectations. The fact that NEC's share price is unchanged today - despite a 7% decline posted by SWM – would support this.