HT8 Chart, page-19

That's true. Looking through the $3.3 to $3.4 in write-downs and losses attributed to discontinued operations, EBITDA went from $1.3m to $1.1m. FY17 was a transformational year in other respects though, with the reverse acquisition of Shoply, acquisition of Audion and sale of YHD. Lots of distraction for management and in some respects the earnings dip is unsurprising.

Direct shipping activity is expected to commence in 2H18 (i.e. sometime from January 18). This had been signaled previously and I haven't seen anything to suggest this activity is being pushed out further?

So to me I still think the drop represents the uncertainty regarding the potential impact Amazon will have (noting management's view that Amazon's entry into Aus is a positive, however I am a little skeptical and don't fully understand why this would be the case).

The 1Q18 result is due by cob tomorrow and underlying trading will be interesting. I believe the current SP is factoring a weakening in performance this quarter vs the pcp, so if that turns out not to be the case I think there's reasonable upside regardless of the extant Amazon risks.