Don't want to rub salt in your wounds, but this report was a...

Don't want to rub salt in your wounds, but this report was a shocker.  The only good news is the future is brighter and H2 FY19 will certainly be better.

In simple terms, BAL told the market we could expect $270m revenue at a 18% EBITDA margin or $49m EBITDA or $34m PAT less $8m for the stock write off. So a stat PAT of $26m.

That gives us a valuation of $520m for Mr Market.  We are currently ~$730m.  Expect big falls.  I am closing my short at $7.  Thanks for your contributions.