Ann: FY18 Half Year Results Announcement Date, page-14

Assuming I wasn't looking to collapse the business and sell off the WIP as an asset, then yes, because I only care about how much WIP converts to cash each year. That forms the basis of my estimate of the company's total value because I can establish how much I'm willing to pay for what yearly return and how long I'm willing to wait before I get my investment back.

Your calculations are fine, but you make no differential as to the time period in which WIP can be converted. Assuming the same time period, then yes, it will naturally convert to more cash which pushes up the value of the overall company. This is the basis for a cashflow valuation. As far as how much WIP Shine actually carries though, I don't really care.

You're right that increasing WIP usually = increased cashflow later on which indicates a growing business. Increasing WIP doesn't necessarily mean I'm going to get paid more today though, and that's really more or less all I care about. WIP represents a promise, where as cash is the real thing. I care more about real things than promises, especially in an environment where the value of WIP has been put under doubt and major shareholders who are running the business could be tempted to exaggerate or lie. Not that I'm saying this is what's happening, mind.