Yes normalised EBTIA at 6.5 was pretty much as anticipated. And of course the SP done nothing. Hard to compare pcp's as the business has changes so much in a year.
I did like -
1/ the increase in operating margins
2/ DES to focus on consolidation for the next six months
3/ Annual rental savings of $400k per year.
Now if DES stays still for six months we will be able to compare the next half with these results.
With regards to the SP I think we are at the bottom, I'm not sure what will drive it during the consolidation process, so there proably no need to rush, then again its DES.
Still holding, although I may sell some for a tax loss and rebuy them at this price :-)
Oscar
PS http://www.brr.com.au/event/41750
Oscar
DES Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
