over leveraged if recession comes

This baby is way over leveraged, and could be in trouble if Australia enters a recession.

Total Assets: $1185m
Total Liabilities: $976m
Net Assets Only $208m

Pro-forma net cash flow (after dividends) only $56m

Borrowings of $600m vs equity of only $200m

Intangables represent around 30% of the balance sheet.

Going through the proforma numbers on the balance sheet this business has been acquired using nearly 70% debt, that's just 10% less than a residential property mortgage without mortgage insurance lol.