Ann: Half Year Results, page-17

In 2018 when I first mooted an SP of $2.30, I mistakenly thought that Koodaideri would kick off sooner, and a juicy contract win or two in late calendar year 2018 would excite Mr Market sufficiently for the SP to hit $2.30 before the end of calendar 2018. I thought that Management guidance and/or H1 performance metrics would come later to justify that SP. Contract wins in December would not have had much impact on H1 results.

Anyhow, the major contracts are still in the offing from Eliwana, Koodaideri, plus others. Consequently, one or more significant contract wins may yet excite Mr Market to heights of enthusiasm beyond $2.30, for which sterling management will, IMO, supply the performance metrics to support via the EOY results in August. I have neither the need nor the intention to sell at circa $2.30.

I'll work on a relatively short-term target price to augment my woolly $3.00 before 30 June 2020, which is too far out to be useful. Management would, I suspect, be more focused on derisking NWH than pushing it to maximise NPAT in the next two or three years. Why take steroids to be the toughest guy on the block in one's 20s, and then snuff it from the deleterious effects before reaching middle age?