Valuation, page-51

The updated broker targets I have found on the internet are as follows -

Macquarie: $4.35
Citi: $4.70
UBS: $4.40 (based on a -22% adjustment to forecast EPS, no explanation of how this is reached)
DB: $3.70
Cannacord: $4.68

I've only read the UBS report. They have reduced forecast EBITDA by 22% in all future years and they talk about 'earnings quality' and 'increasing debt'. It is unclear why they do not think the earnings lack quality, I think this is just analyst BS. Debt has also not increased. Maybe they just didn't notice the debt in previous reports. It is such rubbish but I'll go broke a lot faster than the market will take to realise its error.