Hi Jane,
Perhaps this article on Flexi's debt to equity may help you: http://www.bwts.com.au/download/qa/1182.pdf
IMO the debt-equity ratio doesn't mean to much to me in this case as Flexi, based purely on growth and earnings was severely undervalued.
To you it may be more of an issue - I suggest you give that article a read.
In Play, page-73
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