From the numbers it appears that Ben is living beyond its means. Profit down by about as much as staff etc costs are up. Not exactly what I perceive as "trending the right way". How about the reserves: $290mill exposure to Great Southern and Ben DECREASED it reserves? It must be because the court will return it s verdict first half of this year. Do I sound cynical? Current Management is not doing the share holders a favour by under-reserving on this issue. Ben might win or Ben might lose. This case is so complicated that no predictions to its outcome can be made. If I was running Ben I would reserve at least half. How anyone can justify the current level of provisions is beyond me.
BEN Price at posting:
$11.78 Sentiment: Sell Disclosure: Held
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