Personally believe West's analysis is pretty close to the mark
The avergae stockbroker bank analyst would not have picked up the various changes to valuation techniques on assets held for starters.
Too much off balance sheet? You betcha.
And the final straw is the tax rate. Can appreciate timing differentials and a few abnormal items knocking the tax rate down from 30% to nearer 20%, but 10.8%? That means something is not kosher IMO-internal revaluations? Dividends being paid out of those revaluations rather than traditional cash flow profit? That technique sent Sons of Gwalia down, Centro et al...
Certainly do not believe MQG will go down, but reckon there is a lot more pain in their balance sheet yet to be disclosed-hence my support of West.
Cheers,TAS
michael west ... a real bad loser, page-60
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Last
$208.73 |
Change
0.880(0.42%) |
Mkt cap ! $79.66B | |||
| Open | High | Low | Value | Volume |
| $208.00 | $209.90 | $207.70 | $76.15M | 365.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 8 | $208.70 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $208.80 | 150 | 1 |
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| Last trade - 16.10pm 24/07/2024 (20 minute delay) ? |
| MQG (ASX) Chart |