"Market cap-1.9bn Total cash and cash equivalents(1H20 report)-...

"Market cap-1.9bn
Total cash and cash equivalents(1H20 report)- 825M
Well 43% but you get the point
Correct me if i'm wrong.."

Well, for starters, 43% is the figure you get from dividing Cash by Market Cap., i.e., Cash is 43% of Market Cap.

Which is the direct opposite of what you said earlier, viz.:
"CGF market cap is now 50% of its net cash."

And, besides, if you want to talk about "net" cash - which your earlier post references, but not your last post - then you need to look at the borrowings, of which there are almost $7bn:




But even that is the wrong way to look at it, because very little of both the cash balance or the interest-bearing liabilities which are reported on the balance sheet are attributable to the CGF group in the sense that one would assess Net Debt or Net Cash for a "normal" company.

Take for example the Interest Bearing Liabilities; the highlighted figures represent liabilities that are held on CGF's balance sheet, but which related to controlled entities and repo arrangements (which are like options):




Ditto for the cash that is held on balance sheet; not all of it is attributable to the CGF group; some of it relates to SPV entities (the details of this aren't shown in the notes to the Dec Half results; only in the Annual Report... you can look there for more detail, if you are really keen to understand it).

But the point being made is that when you want to compare CGF's Net Cash or Net Debt position to its market cap, you can't just look at the raw numbers as published on the balance sheet; you need to delve into the note to the accounts to figure it out.


It's complicated, so I'll save you the hard slog and tell you that - at the corporate level - CGF does not have a Net Cash position; it's Net Debt position is around $300m (I've haven't calculated it exactly since the last result).


The reason I don't spend too much time looking at that metric for this company is that it is not the overarching method by which its capital adequacy is assessed.

This is the important part of the company's financial announcements that deals with capital adequacy: