Cap raising, page-25

So as predicted they final hit the cap raise button... Just listening to the results webcast now.
Looks like retail and property have outperformed my assumptions by around $120mm for the first half..everything else pretty close in line.
They weren't very clear on the quantum of future retail abatements.. at least to me (agreements are short term in nature so tough for anyone to predict) .. so I will assume they will run around 30% of pre covid rev..
My medium term assumptions forecast a return to 85% rev in a couple years in total. and that gives me a target of $3.6 to $5.2 (with the new shares outstanding of 2.7billion) assuming a 4-5% discount factor to cashflow... Personally i think those cashflow yields are pretty low, but I think the market will price it there.. I will look to cover my short post cap raise.. between $4-4.5.. if we actually get there..
I am certainly not concerned about their ability to meet their bond maturities over the next 2 years so holding an equity short against my bond exposure doesn't make sense anymore..

So cap raise is in the middle of my very wide forecast value...

At least it fairly treats retail and institutional shareholders and retail entitlements are tradeable.. so no dilution if you participate.

as always my opinion only DYOR...