Ann: SWM: SWM and PRT Extend Affiliation Agreement, page-15

jimmy
You know second half has always been the weaker half and the fact you chose to make your point using the weaker half numbers speaks volumes of how you chose to make your case . With the revenue decline there has been a large net debt reduction and cost reset which is reflected in a more stable NPAT, so that mitigates this as does today’s SP which has more than compensated for these falls . I agree PE is irrelevant on its own and this is why I look at balance sheet and DCF also