Now an Asset Play, page-37

What are the risks and impacts on this business if during the bottoming of the mining investment cycle some of their clients have cash flow difficulties / collapse / and otherwise cannot pay NWH? Is their client base "blue chip" enough to allay fears of this risk? Are rising bad debts or a widening payment cycle a legitimate issue for a fairly working capital intensive business like NWH? How do they mitigate it, if so?

I would chance a guess that net tangible assets are being discounting in the current price because the market believes that low asset utilisation going forward will result in a below market return on assets for quite some time.

Just thinking out aloud...