tap's value, page-5

You chaps are daydreaming.

Tap's value to its directors and staff is a job for life. It has ample cash to pay them a comfortable lifestyle. There is also enough for them to gamble other peoples money on a casino style win, with shareholders paying the bets and staff taking a big chunk of any winnings. They have been hopeless gamblers.

Tap's value to shareholders is 66c/share. The management has no intention of sharing their money with shareholders.

Tap has had enormous cash inflows. It has never paid a dividend despite having franking credits. Its shareprice continues decades of downward drift.

It is a lifestyle company. Thats why it trades at less than asset backing.

bacci