Ongoing $A120-140m EBITDAW is almost a certainty now once the PIP is completed
Plenty of profits to pay the $A35m per year interest bill.
Last year they had $A30m in consultant fees, $A30m in financing fees and $A30m in vendor payments. ALL NON-RECURRING
Once these suckers stop bleeding them the business will be firing on all cylinders
Pound is looking weak against the $A still and debt at 31 December 2016 is looking at being under $A650m even if cash flow neutral. If the banks were to force a CR it would be the first time this has been done in a company with reducing debt.
Debt
December 2015 $A742m
June 2016 $A682m
December 2016 $A650m?
Unsustainable debt WTF?
SGH Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held
