Goldman Sachs JB Were commented that EPS 1H09 was slightly above expectations.
The market is concerned over GMG's earnings outlook, capital position and the risk of a further capital raising.
The writedown of assets implies a 7.5% cap rate. They see further downside to 8.5% which would mean another writedown of $410 million. If GMG were to writedown 100% of intangible assets (1.1 billion) and devalue investments by a further $410 million gearing would be 48% which is still compliant with its 60% covenant limit.
12 month target price is $1.12
HOLD
last 20 min of trading, page-23
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Last
$35.93 |
Change
-0.410(1.13%) |
Mkt cap ! $68.68B | |||
| Open | High | Low | Value | Volume |
| $35.99 | $36.44 | $35.78 | $100.0M | 2.779M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 70343 | $35.93 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $36.20 | 10394 | 1 |
View Market Depth
| Last trade - 16.10pm 27/09/2024 (20 minute delay) ? |
| GMG (ASX) Chart |