Quadruple Bottom formed over 1 year, page-29

Agreed. Newcrest has been strongly focused on necessary debt reduction. But the size of the debt, and the fact that even under the current very favourable price and exchange conditions Newcrest has had to sacrifice almost all of our dividends to scrape together a measly 4% debt reduction shows that it will take many years to make headway. And if the current tailwinds swing around to become headwinds, then you'll be looking at decades of underperformance.

2019 projections are unlikely to be met. Newcrest have mentioned twice already that updated guidance will be necessary but that it is too early to provide new guidance. When new guidance is issued you might find that the new PE is more in line with the rest of the industry.