anyone interested here?, page-11

Judging these capital intensive listed companies with their NTA is worthless and naive. A quick look at the year end accounts shows the NTA is calculated on original purchase cost less depreciation less debt. What relevance does that have to market value? Absolutely none! Given these companies are always trying to get there NPAT to look as high as possible they will depreciate there assets over the longest period the ATO will allow which will also keep then so called NTA high. Anyone in the industry will tell the value of large mining equipment has plummeted over the past 12 odd months. Also the numbers of equipment has is simply non saleable due to the sheer volume.

So the NTA means nothing!