Ann: FY16 Earnings Guidance-SGH.AX, page-60

To me, SGH has three major headwinds.
1. Its debt level. Net Debt of $682 m is 18 times its current underlying EBITDAW of about 36.6m for FY2016.
Plus it needs to pay interest on the debt. It might take over 20 years to repay its debt.
2. Fall in British Pound will hurts its earning in UK, when translating to AUD. Recent acquisition is such as bad timing both in terms of micro and macro economic conditions.
3. It takes a long time to restore investor's confidence, after significant unexpected asset write-down and obscurity around its business value.

The way out is probably converting its the majority of debt to equity, similar to AGO. After initial painful share dilution and company restructuring, there might be light and opportunity.