Ann: Unaudited Profit Guidance, Year Ended 31 December 2018, page-5

With POO down today over 8%, that is massively good for CTX which benefits from a lower and more volatile oil price and vindicates Segal’s strategy.

Segal knew that you could not rely on high gasoline prices at the pump to create the profits of the future.

I think Segal’s strategy will work very well.

This is a one off downgrade IMHO and I am surprised the market did not expect it.

It is not systemic IMHO.

Another part of the puzzle is the special dividend next year due to the franking account having os much excess credits.

So IMHO CTX is dirt cheap and I will continue to woof em down.