reply from is, page-38

defab,

OK fine. let's go with ICR. 2x on Aussie Debt. What is it on US debt?

By the way, NPV and Discounted Cash Flows is always the best way to actually value a company going forward and is consiistent with Finance theory from Uni. But in extremis, NTA holds the magic. Investors want to know will they get they money back if the company goes bust. NPV is not going to tell you this because you have to make assumptions, estimate cash flows and use discount rates etc. etc.