Had a look through the materials. CBA analyst moved their...

Had a look through the materials.  CBA analyst moved their numbers down on this in June and they look pretty much to have been on the money.  A few things a little odd..... or maybe im just stupid........

What was the order Book at 30th June ?  Great to include a deal that they don't even own yet and say it is a 'record' but......... in the 14 August 15 announcement they said the $130 on the deal was spread over 3 years......  

What is the Order book for the 2015 / 2016 FY ?  Now that would be something worthwhile understanding RCR !!!!!!!.  Also does this mean that other information in their Pack is today - or June 30 ? Debt profile, etc. ?? Confusing to have a current (spot) order book and 30 june other data

Great to say the Dividend is up, but it is now only 20% Franked.  If you look at last year's Media Release on 21 August the Dividend was 100% Fully Franked

Great to say 5 year total shareholder returns of 143% - but again last year's announcement (14 August) the return over 5 years was 414%.  So over the last 12 months the actual share price performance of RCR has been................... ugly.  In the last 52 weeks the ASX website shows the High for the SP was $3.47.   Also I have no idea why they keep referring to May 2009 as the start point for all this - go back and look at lots of players in the sector back then.  All in the dog house and many just rebounded from oversold positions. Nothing to do with corporate performance

debt profile (net debt) looks good, but why would you hold so much cash and not just retire debt ?  Seems an odd capital management strategy.  Keep money in the bank earning nuthin, but pay the banks for drawn debt ???

Revenue looks pretty fair given the overall sector pain (agony) - down from $1.3b to $1.13b. but hopefully that bottoming out.  I (finally - darned lazy) took a look back at the Norfolk announcement of 22 March 2013. http://www.asx.com.au/asxpdf/20130322/pdf/42dtzfh6yd98k2.pdf . in that RCR noted : "We believe the NFK business which has around AUD $1billion of annual revenue has.. blah blah blah".  Oh how times have changed in this sector ! We will never know what RCR represents from NFK / RCR split - but would be intersting

Overall give it a 7/10 - and clearly what the market / instos were expecting from sideways share price action today. Great to see such a healthy balance sheet, but don't understand what the next 12 months will look like ??? Will keep sittin on my hands

Go QANTAS ! What a result !!! The Frying Kangaroo is back !!!