"Well, the results are only positive from where I'm sitting."...

"Well, the results are only positive from where I'm sitting."
CD, you must be sitting in the dark.


"In CWT's case you use your operational cash surplus and underwritting cash from the DRP to pay back debt, thus reducing the 'L' part of the equation"
What operational cash surplus ?
From the last full annual report, earnings per share is currently negative.
The half year results would seem to indicate that earnings has become slightly positive again, but less than is being paid out in dividend.
I note the 'V' part of the equation has reduced, due to property revaluations.


Gearing is currently 52.3%, interest cover ratio is 2.2.
These are uncomfortable levels.

JIID, CD, for your sakes I hope CWT does well, but it is by no means in the bag.

"Given that the dividend is ridiculously high >22%"
I am not comfortable that a company that has so much debt is paying out so much in dividend, especially when it appears that they are paying out more than they are making.