Sorry the raising they did was NZ$300.
Gearing went to 29%, that is around the middle to low end that I have seen in infra/utility companies. Prof Aswath Damodaran, who wrote the book on valuations (everyone who has done a finance course or had to sit in for training at a bank or fund is indebted to him) does a yearly look at industries. The average of the 22 American renewable companies had a D/E of 106% vs IFT having 29%, this can be looked up online.
I think at our 29% we gucci fellas.
(Also I cannot stress this enough, if you do fundamental analysis you MUST read Aswath's books, as well as put his blog, Musing on Markets, on your watchlist.)
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