Disappointing. Was hoping we had flushed out all of the product rationalisation/re-structuring and this would be a nice clean report.
That said, downside risk was always low and it's hard to see PBP trading much lower than current levels around 10x earnings. Management have shown the ability to cut costs and improve margins, but now we need top line growth to see earnings really move.
Ann: Preliminary Final Report, page-3
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