Top Ranked Law Firm, page-11

I agree the debt to turnover ratio isn't a good comparison, but once PSD is integrated the margins, and therefore earnings to revenue, should move in line with competitors. At that point the debt isn't an issue.
The one and only issue is short term cash. Can the integration be swift enough to avoid this cash drain.
The level of debt is very sustainable if earnings are as they were forecast to be. We have about an extra 19% debt compared to the level when sgh share price was $8. The debt is only an issue if cash flow problems persist.
I believe cash flow wont be as bad as some say but also wont be as positive as I had hoped 6 months ago. I'd love it if someone could realistically analyse the market cap/share price to the markets expectations of earning in August. Ie is the current sp based on a full year normalised NPAT of $0 (H2 NPAT of +40mil) which would indicate a 40mil improvement over a 6 month period...