Just for the sake of arguement let me take on a few of your points..
NCM is not super leveraged. 30% is not super leveraged. I agree it's not good, but it's not horrendous.
Cash flow excluding capital works for 2014, assuming prices remain constant, $1b. Not that bad and will get considerably better after cap works completed.
EPS growth depends entirely on the direction of gold, dollar and other commodity prices.
NCM not fully drawn at all. They have $750Mill still un drawn. No need for Cap raise IMO.
NTA will still be around $13/share, even after these huge writeoffs. Remember Def Tax Liabs will drop off the liability side of the Balance Sheet.
"Guidance for production, costs and capital for the 2013 year is unchanged". At least they have not revised again for this half!! Track record has not been good but maybe this is a start?
NCM not nearly as expensive as before, and I believe will trade much closer to gold price movements.
NCM Price at posting:
$12.30 Sentiment: LT Buy Disclosure: Held
