A decline in earnings is understandable but I would come back to the fact this has a P/E of 2, I say again 2. This is not priced for falling earnings, it is priced to crash and burn and my analysis says it won't. Simple as that.
I would also point you to the 137M of impairment and provisions on Notes 3. Strip these non-cash elements out and the it goes from a loss of 87M to a 50M profit. With debt reduction this year the covenants will likely top out at 2.75 and fall from there.
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