You're right, short term it'll lose money on any hedging... But considering that the majority of its costs are AUD based and > 50% of earnings are USD based, the math is quite simple.
And thanks for your research! Very much appreciated. I had a wide range of valuation, all well above my $1.00 average (around the $1.60 mark, mainly because of the massive cash amounts and favourable FX rates in the medium term).
You're right, short term it'll lose money on any hedging... But...
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