"Rams may look at switching to RMBS for this funding and retain...

"Rams may look at switching to RMBS for this funding and retain its warehouse r/ship with NAB for its short term funding or it may stay with CP. Certainly if it looks to tie up longer term funding then it should return to trading at a PE multiple in excess of 15.

I currently doubt the RMBS market is liquid and rams would be able to access RMBS funding on favourable terms. Slapping in a PE of 15 which is the market average is hilarious. Borrowing short, lending long is more riskier than mining companies with typical PE's of 8. Discount for risk. Mutliples of 6 to 7 is more appropriate.