AGO up 40%, page-14

Noomxx

Forget balance sheet values when it comes to transport assets. High Depreciating assets with a finite economic life. Do yourself a favour and go to the next auction you see of transport equipment, then workout what they cost new. It aint pretty out there at the moment.

Biggest thing a transport operator needs ( and any other business for that matter ) is free cash-flow. Work out how much of the forecast EBITDA is available for shareholders & debt reduction after you take into account stay in business capex, interest & taxes.