KT
Well done - this was becoming too personal and distracting.
Lets focus on the factors which should get us away from an SP which in all probability is beyond ludicrous.
Simply:
If here is ongoing $200M underlying EBIT SGH has a lot of room for manoeuvre.
WIP (written off by SSAP) getting to fee stage and one off NIHL cash contribution ( as it is run down) are expected to make a material dent in borrowings.
How much of a material dent we dont know . No tax or divy payment help the cash flow.
The Banks will want to measure the ongoing SWOT analysis as well as the cash forecast.
Oddly
We dont have a good picture of the UK management team and I certainly dont have a feel for the UK legal services plan
or news of the integration process. Nor do we have info on the cash flow direction in the latest quarter. However I assume :
We are still in the woods while presenting plan to banks
April 17 would coincide ( probably) with the known outcome from NIHL.
CONCLUSION
Clear evidence of the expected $200M + underlying ongoing EBIT and material positive cash flow to Apr 17 would be strong cards and grounds for considerable optimism
DYOR etc.
Lets not get sidetracked .
Mel
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