How can you just look at one side of the coin? If you wanted to do a cash analysis, you'd have to take into account the borrowings as well. A net debt analysis would show a completely different picture.
There can be no argument that 1HY18 has been a disaster and a large % of blame lies with management as it appeared to have caught them by surprise.
However, the key question is whether the bad news has already been fully baked into the share price and whether management can return the Star Vegas business back to its normal run rate. If this business can go back to 2016/2017 levels, the share price can easily double from here within a short time frame IMHO.
