"great business"no this is a very cyclical business as evidenced...

"great business"

no this is a very cyclical business as evidenced by the widely fluctuating return on capital from year to year.

And I stand by my comment, the leverage on this baby is way way too high.

NTA is around $1.1 (from June half year)
Shares on issue around 455 million.
NTA value therefore around $500. Long term debt is around $600million.

So their tangible assets don't even cover the value of the debt, so if trading conditions remain difficult, this baby is in TROUBLE.

Another future dilutionary capital raising is only a matter of time.

No way am I going near this