Its worth noting that a not insignificant amount of revenues over the historical period have come from the revaluation of assets, in particular property. Effectively meaning that accounting earnings have significantly exceeded cash earnings for a number of years.
As property prices shift into reverse this is going to be a drag on earnings and whilst this is also non cash, the company will have borrowings secured against this property which have increased from $4.2bn to $5.7bn from Jun16A to Jun18A.
Perhaps the race is now on to realise these gains and deleverage the balance sheet.
Its worth noting that a not insignificant amount of revenues...
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$6.82 |
Change
0.070(1.04%) |
Mkt cap ! $4.715B | |||
| Open | High | Low | Value | Volume |
| $6.77 | $6.82 | $6.70 | $13.77M | 2.033M |
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| No. | Vol. | Price($) |
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| 2 | 3313 | $6.76 |
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| Price($) | Vol. | No. |
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| $6.82 | 9133 | 1 |
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