Problem with cap raisings is that they dilute EPS. So while they can fund growth and greater profits they do not do a lot for EPS.
In good times i would think that NMS would be looking at a debt to equity ratio 40 plus%. Longer term in good times they will be looking at a substantially higher debt to equity ratio.
I would prefer to see organic growth funded by debt/cash drawdown than new issues.
the best thing about the presentation, page-3
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