Bonds are unsecured and yet they get the same rate fmg tried to get with their secured bonds.
Still some distance from junk status.
I was looking at dicks per head metrics (current and proposed). I think they may sack another 100 odd employees to reach their desired revenue per employee statistics. This means there will be more redundancy costs to come which may further dent this years profit.
Going through their costs, I find at least 10million that are truely one off costs. Thus, my minimum estimate of earning is at least 15 million pre tax. Realistically I'd say it is closer to their forecast but maybe 2 million lower
Anyone else note the comments regarding limiting distributions in the bond offering?
DDR Price at posting:
$1.58 Sentiment: Buy Disclosure: Held
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