Running my numbers again and reading the annual report. Such a basket case with hairs all over.
- huge amounts of off balance sheet debt in their two JV's - DBC and DGCC - a huge amount more debt/equity required to fund them to completion - going to court with Probuild and now Multiplex for construction issues - four outstanding class actions - ongoing AUSTRAC investigation with fines to come - sydney casino licence suspended - qld casino licence suspended
I've read some bad annual reports but this is probably the most impressive!
This would be a buy if Queens Wharf had operating metrics and you could understand earnings. However, its now such a big part of their asset value and considering the amount of debt inside that JV, if it doesn't trade well, then SGR likely won't do well even at this price.
SGR Price at posting:
75.0¢ Sentiment: Hold Disclosure: Not Held
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