Was attracted to this because of the headline asset value discount but the more I've delved the more nasties I keep coming across. In the first 9 months of the year its underlying FFO (funds from operations) was negative $22m!! This negative $22m compares with a market cap of $90m......
It's debt to market cap (equity) is >6x and its convertible preference units are trading at deeply distressed levels.
New management have worked hard to improve the operations but it is still losing so much cash each half. The economics just don't seem to work when you borrow at 6-7% and invest in property yielding 2-3%.
Was attracted to this because of the headline asset value...
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Last
30.5¢ |
Change
0.015(5.17%) |
Mkt cap ! $215.2M | |||
| Open | High | Low | Value | Volume |
| 29.0¢ | 30.5¢ | 29.0¢ | $280.5K | 949.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 50000 | 30.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 30.5¢ | 182998 | 3 |
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| Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
| URF (ASX) Chart |