You have to discount results prior to 2016 as the company...

You have to discount results prior to 2016 as the company revalued the WIP they were carrying on their balance sheet. 2016 itself is an anomoly due to the large writeoff which affected statutory profit.

2017 is the first supposedly 'honest' valuation of WIP but it may be further affected by the implementation of AASB15, the effects of which we will be looking for in this year's HY report.

What you're talking about is the reason for the currently depressed price and is valid. Some of us are bulls and others less bullish. I personally like to cut through the BS by valuing the company on cashflow alone which last I calculated was roughly $1.15-1.16 based on a Price/Cashflow of 12 which is the average for the ASX at the moment and represents an annual return of tax free cash return on overall investment of just over 8.33 or so percent.