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