Is Dividend Sustainable?, page-20

Good points Alpha

The dividend is not enough to interest me and I would prefer they repay debt or increase cash reserves in lieu of dividend payment.

The fact that the debt is US dollar denominated is an important consideration but I don't see this as big a risk as has been in the past(when AUD was much higher and above average).  I see this debt currency risk as neutral at the moment as the AUD is around it's long term average and the risk of a slowdown in the US economy is growing.  When this happens Fed rate hikes will pause and they will look to restimulate the economy putting no upward pressure on the USD.  I was concerned in 2012/2013 with the debt load but not as much at present given the current and likely environment.

When looking back over the years I am quite impressed how they managed their debt levels/structure and secured financing along the way and this is a sign of good management.  Obviously the management team has changed somewhat so watching closely to how the new team goes with things.