The underlying NPAT is the first thing people would read....

The underlying NPAT is the first thing people would read. Trailing 12 month P/E is 14.2. Yes, it's a high price to pay for a negative forward outlook.

Here's the other way people can look at it:
- WOW removes masters, bottom line improves by 200m immediately. Their trailing PE is 13 excluding masters.
- Management claims to rebuilding the core business is more credible with the Masters distraction gone.
- The current price is fair assuming current profit levels with zero growth.
- Current price is cheap assuming they get people who left to return.

Only way to lose at this point is for management to make more blunders.