Well, it depends on the assumptions the broker is using. But I...

Well, it depends on the assumptions the broker is using. But I suspect that it is based on the assumption that woodlot sales scale down (i.e., a conservative assumption). Without looking at what information you have, its difficult to tell. I would have thought that by 2020, woodlot sales would be having a much reduced impact on NPAT, but would need to see the report. Who is the broker, and what date is the report?