Yes that's a fair point both re the intangibles on the balance sheet and the potential for write-downs as the new CEO seeks to reset his ROE denominator.
At $1.7bn in Net Debt, on circa $5bn of Revenue, I'm not too concerned about the debt. Unless of course the underlying operations are deteriorating.
They are clearly trying to free up some balance sheet capacity with both property and business unit sales. So this will be interesting to follow.
It might have further to run on the downside, I'm really not too sure.
ORI Price at posting:
$12.35 Sentiment: None Disclosure: Held
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