Some crazy financial metrics at these prices.- Price to Book...

Some crazy financial metrics at these prices.
- Price to Book Value of 0.40: Even assuming a substantial impairment of assets, there's a huge margin of safety here. You're paying 40c on the dollar for the net assets of FXL.
- Trailing Price to Earnings of 4.21
- Trailing Dividend Yield of ~10%
Obviously both earnings and dividends will take a hit in this next period, but just goes to show how cheap the company is relative to historical metrics.

All in the context of A) Healthy undrawn funding facilities of ~$850M - minimizing solvency/liquidity risk, and risk of dilution via cap raises and B) Director buying all the way down to $1. Given the lag between director purchases and the Appendix 3Y announcements - would not be surprised to see more of these notices come out in the next few days.

We're not looking at an APT/Z1P here - this is an established, profitable company with a proven business model that has withstood a number of serious financial shocks in the past - GFC, 9/11, dot.com boom/bust etc.

Strong buy rating for me, but given market conditions wouldn't be surprised to see a further ~10-15% drop from here. I'm not going to try pick the bottom though.