Even after the GFC its amazing that people still don't understand that NTA means nothing in the context of uncertainty, poor management and high debt to asset ratio.
How many companies have gone under including Babcock and entities and many were spouting these NTA values. Instead of keeping them in the bottom drawer for their grandchildren, its was written off the next year as a loss.
Hence, the economic cycle.
Even after the GFC its amazing that people still don't...
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