AUD 1.60 per AHY share fair value estimate, page-15

We it is xd tomorrow - had to short this set up today, and will hold overnight, and see what happens - would like to see if it heads back to 150 ish short term . Can't see what the analysts were excited about really. Cashflow numbers were very ordinary, as was revenues and the P+L.

Some red flags. Some sort of sale and leaseback deal will not really change things much, except the cost of funding the deal will be more expensive than holding the asset, or else the leaseback company wouldn't do it. Also that will probably leave any fixed charge cover metrics looking worse. Moving machines is a one off for some reason, even though they seem to be moving them or updating them regularly to stand still.

Half 2 receipts, net receipts and revenues and stat earnings still down on pcp in a similar trend to that through 2015. If they break this pattern I will reconsider, but I don't see that happening.

I still don't get what they are planning risking up the whole business, when it is old stodge. It is good they have some new products they are trying out. Hopefully the market takes to it - but these things are always hit or miss.

GLTA I still think this is worth less than half of the current SP - but very few agree with me obviously - lol.