Interesting view there Roger
If the lines on the chart reflect market sentiment then one could say that the direction of that chart to a large extent is a forward looking indicator of market players expectations of future performance,
The market has probably worked out that Heartland earnings aren't going to grow much over the next year or so. The company itself did tell us that after many years of every half year being better than the previous one this is now not happening (H2 being about the same as H1). They then might have adjusted their thinking and instead of seeing really strong growth going forward it is going to be a lot less subdued. Valuations fall from being rerated (a drop in PE of 2 is equivalent to 20 cents and there is lower eps expectations than previously)
The reasons for this being signalled by the charts you covered off Roger (except maybe the Maori bit) and no doubt several more things that apparently outweigh the positives.
What a load of the proverbial, can't be right can it.
I seez nothing as Schultz says