You can't just generate a PE, and expect it to be relevant with...

You can't just generate a PE, and expect it to be relevant with a business that has lots of different parts at different stages in the business cycle. You need to break up the business into parts, starting with vals for the Aus bit, Zhaopin, Other Asian businesses, South American businesses, and the start ups. Nothing has changed for the majority of the business, and there was good news in there that needed to be factored in along with the South American bad news. I'm not sure SEK is worth less on the South American news.