Not sure but I thought the movement up today was surprisingly small. Allowing for tax at 28% and no change in interest, depreciation or amortisation, the upgrade was a net surplus estimate increase of somewhere between $1.4m and $4.3m. The mid-point is $2.9m. The mid-point represents an EPS increase of 1.3c, but the daily movement was only 3c.
This indicates either the market was already guessing a result above guidance, doesn't believe the new guidance, expects any increase in earnings to only last a few years, or hasn't fully factored in the change from under-performance to earnings growing strongly. Here's hoping its the last of these possibilities.