Undeniable, page-6

Hi FM8,

Firstly, I'm bloody hopeless predicting ST value.

Secondly, I'm going to take the well-worn market excuse and say that, following any material announcement that the market has been anticipating, the market will almost always settle within 5-10% of 'fair' value within two trading days.

Thirdly, Gillysrooms is absolutely correct in holding off on any immediate celebration....we must first see the extent to which NEA utilised or weakened its balance sheet to achieve these figures.

I'm expecting a certain amount of BS weakness from the FY results and I'll then want to see how reasonable are the model assumptions required to get the business over the 'development hump'. At the moment, my model says 2Q CY 19 with a bit (but not a lot) of wriggle room. And today' announcement certainly went a long way to de-risking that as a reasonable target.

But gotta see the BS and CF numbers first.

Cheers,