half-yearly results, page-4

Looks OK to me. Values seem to have stabilised and NTA still high relative to share price (32 cents NTA).

Extrapolating half year EPS to full year I put this on a P/E of around 3.

Net debt @ 76% hasn't blown out as I'd been fearing might have been the case (mainly because valuations didn't fall too far).

Pretty sure these results are in line with expecations.