ubs research on bbp, page-13

"and I don't want to hear about interest coverage, debt covenants etc etc." Wow, that's a savvy approach you have there. Maybe you should check out Centro also?

The coverage IS the key reason (among plenty others) why BBP sells at 5.2c. Do you understand what a ICR covenant breach will mean? Here's the maths:

FY09E EBITDA $340 (assuming this is even achievable!)
less capex $72m
= $268
Net Debt $3.2bn at ~8% = $256 (will be higher than 8% anyway)
ICR = 1.05. Covenant pri facility = 1.35x. Default, administration = equity holders get nothing.

Also if you believe the NAV, why is ROIC a pitiful ~4%, not even the cost of capital? There's basically your proof of impairment (grossely overpaying for assets to boost AUM to boost BNB's mendacious fees).

Best of luck with it though, UBS will certainly buy it for $1.00, there known for taking huge risk on sheet *cough* $48bnUS trading losses *cough*.