Ann: FY2018 Results Presentation, page-75

Personally I prefer earnings after tax and interest exp. Most analysts will normally come up with and Earnings Per Share (EPS) - this is normally NPAT/Number of shares on issue and then apply a mkt multiple to give a price target. Just because CAJ paid industry average it does not mean (in my view) that it makes it a good acquisition. I think they would have got better bang for their/our buck by continuing with the share buy-back (reducing shares on issue increases EPS) and growing the business organically - just my view. Proof will only come over time and I think investors will need to be very patient. My guess is they will ultimately write-off some of the goodwill paid on these acquisitions - I hope the company proves me wrong. Cheers