the time is now, page-64

Summary.... based on last financials. DYOR! may contain errors.

Est lowest of cash or net CA: -261m due upcoming refi.
Asteroiders dodgy net realizable asset/capitalization ratio: 1085%
Asteroiders dodgy liabilities/assets(ex-intangibles) gearing: 51%
Recent reported NTA/sh: 1.66
Recent Underlying earning: $160m
Est forward PE: unknown.
Est forward div/sh: imo likely to pull divs for a while.
Recent reported debt/equity ratio: 50

Est average price of 14.2c for 22.9% of issue traded in last 20 days.
Est average price of 16.4c for 6.9% of issue traded in last 8 days.

Yesterdays volume 217% of 100 day average volume.

Industrial properties: 51% Aus, 38% Canada, 11% EU.
96% of income from rent.
96% leased.
avg lease 4.7 years.
avg debt 3.2 years, next refi 201010, major refi in 2011. Reported Gearing 53.2%, no covenant.
ICR 2.7x, covenant 2.25x.
TLR ratio 59.8%, covenant from 55 to 60% (55% in 200906). (I think the TLR covenant was the one at risk of breach)


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Please DYOR, my research can be dated, inaccurate and always superficial. I have a limited grasp of financial complexity. If this post interests you, you will best be served by finding an analyst report on the company. This is not financial advice. My gearing and asset ratios are unconventional as ignore assets I dont like the look of, and I always fail to track off-balance sheet exposure.
I have frequently been proven far more incompetent than I believed myself to be.
Any comments correcting misstatements or adding insight are welcome.