Once people start to back out all of the acquisitive growth in...

Once people start to back out all of the acquisitive growth in the results, to get a better understanding of the underlying earnings position, and see that:

* revenue is barely keeping pace with inflation

* focus is on opex reduction - when the real gains would be focusing on COGS and growing GM

* business is expanding into greenfield sites and businesses they have little experience in (introducing new risks)

* industry is fragmented and unlikely to get another Gemini acquisition

it will impact the SP.

SP got a big bump when it took over Gemini. However, with the final earnings boost from that acquisition flowing through in FY17 there might be a multiple contraction in FY18 when people realise that the huge growth in earnings the company keeps talking about in results presentations is simply the lagging effect of a large acquisition in the prior period.