I agree- but it is like Huntley's who have an "avoid" rating on the basis that they value the "business" at 85cps using a 20% discounted cash flow methodology. Huntley's ignore that if the management were to give the 2 operating businesses away, there would still be $1.56ps in cash.
I think a number of the analysts do not understand what NON-RECOURSE debt means. In a similar vein, a couple of months ago I read an "analysis" of ASX which said it had too much debt- in fact it has more cash than debt- the $3 billion in debt are the cash margins deposited with it.
MMG Price at posting:
94.8¢ Sentiment: Buy Disclosure: Held
