big volumes, page-4

Given TCL takeover is no longer, you may be right. However, this is unpredictable, and I would look at performance stand-alone.

A big issue with these infrastructure players in GFC was level of debt, and more specifically, lack of banks around to refinance the debt. Banks will look at the ability to service from operating earnings.

There are some positives for CEU recently:
- increasing traffic volumes
- which lead to positive cash flow
- which allowed debt to be repaid

CEU now look more sustainable / refinanceable / stand-alone a better prospect. Once they get debt down a little further, they will be able to start paying solid dividends.

Short answer is: they have waited long enough and are close to making good enough returns to not need to be bought out...a good position to be in.

Only my opinion...sold due to margin call a few weeks back (!)