Don't know about GMP, but Eureka's Brendan Lau does a very concise analysis, worth looking up that one. All have downgraded tgs, mostly on the basis of debt to be taken out for the acquisition.
Funny thing is they think the acquisition is positive, but in the light of the expensive debt facility and debt levels, they have downgraded. Seems a circular argument to me. You either think the acquisition is sound (i.e. at a fair price, therefore positive or you do not)
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