Ann: Full Year Results Investor Presentation, page-15

Depends on valuation ( market cap) and future NPAT
Assets for me are a safety net . If they can be leveraged to generate more NPAT, I prefer the company with the higher asset base. I know capital light business are highly valued by the market and Boom is not one of those companies , however this is not Booms story, historic poor utlisation of assets, this is exactly why the business has turn ed around profitability and has more scope to grow further. Note the asset recycling will start reducing and more cash freed up for debt reduction /capital management