commsec bearish, page-5

ARI have previously announced write downs in advance.

my TA invariably writes intangibles down to zero anyway, so no difference to my models.

not sure what any writedown may mean to convenants, but i am expecting ARI to be cashflow positive for the half and to show a profit from iron ore sales ex depn and royalties of around $200m (ie 4mt x $50 margin). i'd be surprised if any IB was prepared to accept intangibles in a security calculation...but this isnt my area of expertise so anyone with more/ any knowledge please advise!

Commbank has long held a negative view on ARI, as have Deutsche Bank. of the two i'd consider DB to have more horsepower....imho house views from Australia's big 4 banks tend to be really, really lame.

for me it looks like ARI has bounced off recent trend line. i was hoping for another ST pullback to the 88/89c level so i could engage in a touch of topping up