rough comparison of mdt to cer, aez, mcw

Rough comparison of MDT to CER, AEZ, MCW

Please DYOR, this may contain errors, but I have attempted to glean the info from the latest releases.
If errors are spotted, please correct.
I have attempted to order each section from best to worse F.W.I.W.
Comments welcome, especially on pertinant methods for comparison.

Leasing:
MCW 96.3%
CER US: 92.6% Aus: 99.7%.
AEZ 91.9%
MDT 91.2%

WALE:
MCW 9 years.
MDT 5.5 years.
CER US: 5.5 years. Aus 5 years.
AEZ unknown

Reported Gearing/LVR:
MCW 58.8%, expect 56.2% after US sale completes, covenant 65-70%.
MDT Head 60%, covenant 64.7%. LLC 57.8%, covenant 60%.
CER LT 68.7% expects breach.
AEZ RBS 83.2%, covenant 68% (breach).

Full on-balance sheet ex-intagibles 'gearing' (unconventional)
MCW 37%
CER 63%
MDT 65%
AEZ 79%

ICR:
MDT Head 2.4x, covenant 2x. LLC 1.83x, covenant 1.75x
MCW 2.3x, covenant 1.75x
AEZ 2.3x, covenant 1.8x
CER LT 1.5x

Divs:
MCW guidance 8c
AEZ hope for 1.5c mid 2009?
MDT 0c
CER 0c

Market cap followed by recent Underlying earnings in order of UE to market cap ratio. (verify)
CER $64m, $178m
MDT $36m, $82m
AEZ $27m, $15m
MCW $366m, $180m

Ratio of net of balance sheet to market cap (higher vales are deeper discounted balance sheets, due greater risk?):
MDT 2671%
CER 2557%
AEZ 993%
MCW 559%

NTA - Share price - ratio.
CER 72c - 2.8c - 25.7x
MDT 93c - 3.9c - 23.86x
AEZ 47c - 5c - 9.4x
MCW 146c - 25c - 5.84x


Balance sheet Current Asset/Liability deficiency as per last report. In all cases due to upcoming refi.
(some subsequently refinanced so take it all with a pinch of salt).
Rough estimates!
MDT ~$51m
MCW ~$417m
AEZ ~$556m
CER ~$1861m

Other:
MDT: to separate from DDR
CER: two class actions underway. expect covenant breach. CNP JV.
AEZ: RBS exposure, multiple covenant breach.
MCW: to separate from Regency


Of the above, I currently have positions in MDT and MCW.
All are high risk.