I don't know where this magical $20b worth of debt figure is coming from . June 2008 accounts show total bank debt of around $9.5B - of which $1.3b is current ie repaid of rolled over within 12 months - they had at june 08 some $700m in cash plus the 1st 6 moths are always he strongest - I think a lot of people may be suprised by how much cash this thing will generate to Dec 08 .
The high profile busineses ( Coles / Bunnings ) seem to get all the press , but this is not a one trick pony . The resources will have a tougher in 09 & 10 , but still a long way ahead of where they were 3 years ago. Coles always was a long term buy - Howard Smith was an expensive purchase for the BBC chain and gearing went up into to 80% from memory , but now looks like it was the buy of the century.
Buy 'em in the super fund !
Baraka
WES Price at posting:
$16.43 Sentiment: LT Buy Disclosure: Held
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