Yes, I'd be sure the market reaction has taken them by surprise....

Yes, I'd be sure the market reaction has taken them by surprise. It was savage and it may not be finished yet.
Got to be instos exiting and I think there are three things which have spooked them: (1) Failing to exceed the comps (2) The audit qualification by a Tier 1 auditor and (3) The uncertainty over the AASB to apply to the value of the PDL's. And let's face it, this is a difficult to grasp concept.

My little pea brain looks at the cash generated because you cannot fudge that. Then I am relying on their much vaunted careful analysis of what they buy, from whom and what price they pay. They list this as a competitive advantage so I am assuming the value of the PDL's must be there and it isn't just a hollowed out, overstated asset.

I'd be thinking Keith will communciate with the market several times before 2H results and he has a number of SP boosting catalysts. For example, he hinted around the possibility of increasing the PDL's above $80m - at one stage he said "we are 99% there". The market would see this as a positive.

I have confidence in them meeting guidance and realistically this should rate the company at $3.50 - I bought today but wasn't lucky to be bottom fishing.