great buy - or not? feedback??, page-30

Here is the Nommura snippet from AFR Street Talk, that's mentioned in an above post (gifted, Mods, so no probs with copyright):

http://www.afr.com/p/opinion/billabong_seen_dipping_anew_nomura_HqesYTOPxoOkg9HAZzfRkJ

Billabong seen dipping anew, Nomura warns

PUBLISHED: 2 hours 53 MINUTES AGO | UPDATE: 2 hours 53 MINUTES AGO

Edited by Sarah Thompson and Anthony Macdonald

Nomura sees trading risk to Billabong’s share price down to between 60¢-70¢ per share following TPG’s decision to withdraw its highly conditional $1.45-bid proposal.

Nomura attributes the move by TPG to be because the retailer’s underlying business has been inexplicably declining year on year.

“Billabong’s release sheds no light on the reasons behind TPG’s decision to withdraw its proposal, although we suspect it reflects the one main question that we have held about the company for the last couple of years: why is the underlying business declining at c20-25 per cent per annum?” analysts Nick Berry and David Cooke said.

Billabong has reaffirmed guidance of $100-110 million in earnings before interest, taxes, depreciation and amortisation for financial 2013, and Nomura thinks this factors in a 25 per cent decline in its underlying business.

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