Yes valid points re historical cases and changing landscape on government policy. But I do believe that going forward the case win rate which is part of valuing this company will be lower. In some respect, that devaluing has happened now for a period.
Its just about whether the cash flows can sustain the business during periods of no wins and delayed judgements and appeals, without the need for a CR. The have sold part assets in recent times to avoid this scenario which is generally a better outcome than shareholder dilution.
Ultimately, the shareholder returns have been abysmal for investors over the last 5 years or so. We probably at a point where this could provide some spectacular returns over the next few years from these prices if they demonstrate the business model is broken.
OBL Price at posting:
90.0¢ Sentiment: None Disclosure: Not Held
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