They never give outlook statements. Without FX and acquisitions,...

They never give outlook statements.

Without FX and acquisitions, the Aussie business only has cost out to grow profits when the top-line flat-lines. Asian business is growing well but not big enough to driver the top and bottom line of the consolidated entity. Valuation is probably too high for a business trying to transition out of being ex-growth domestically. Probably questions the attempt to buy smaller listed peers if the exercise is largely being cost out (no real revenue synergies in the IP game) if they're brought on board. As such, not overpaying becomes very important as cost out leaves less room for error in an ex-growth market.