"debt to equity levels are only rellevant when the equities are...

"debt to equity levels are only rellevant when the equities are valued at corect levels."
Yes i already know this, no need to tell me this!!! thats why i still believe sp is trading below stated n.t.a. or in line with my calculation of equity and n.t.a currently on the balance sheet.

If you want to do an audit on the company and come up with your own valuations why not arrange it with gerrry but seriously i understand your theory, but those are the numbers where given and the auditors have signed off on it and given my projections next financial year i cant see much movement in the property portfolio write ups and write downs pritty much flat.This is my view on the matter but you seem to think that the property portfolio needs to take a hit i.e. write downs. based on what? please give me examples?

The sp is still cheap even if we allow a little bit on the downside.If we play around with the two: cash flow is healthy and the stated profits can be trusted.Keep in mind if the cash from operating activities is consistently greater than the net profit, the company's net profit or earnings are said to be of a "high quality".

Can you give me your profit forecast for fy12 for hvn? reason being is this companies sp isnt priced in at all for future growth.In my view, the market isn't looking to far ahead still very short term and just to let you know i've been to The Good guys a lot of times in the past and most of other the big retailers and as a matter of fact i found there service to be sh## and actually going back to harvey or even jb.

Don't mean to be rude here but why on earth are you still holding shares in the company if you are preaching doom and gloom on the company i don't understand.Just sell or move on or short sell the stock; very strange if you dont have a longer term view in line with your sentiment.If you're investor longer term in the company and your serious about the things you mention in this forum why not arrange a meeting with management or write a letter and voice your concerns.If you really want something you can do it.Maybe they'll take some of your advice on board.