Merrill Lynch report for BBP just out. Rating Neutral. Price objective $1.45/. They agree that this is the best thing for the company to have done right now.
"Divi restructure makes a lot of sense in our view
Like TCL, BBP has bit the bullet and cut its distributions to free cash flow which makes sense to us given how tightly geared BBP is. We have cut our FY09 distribution to 14 cps from 17 cps which is in BBP’s guidance range (13-18 cps).
Watch for BBP to follow with asset sales or an equity raise as part of its capital mgt program."
Link: http://www.box.net/shared/ioopjhhus8
Merrill Lynch report for BBP just out. Rating Neutral. Price...
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