30c a real possibility, page-10

I reckon TIM and GTP are on the same sinking boat - with extremely high gearing on much inflated asset value.

TIM's debt/equity ratio = 173% (ComSec), even higher than GTP's 120%.

Every year both "revaluate" their lands value heavily in order to take the revaluation (1)as their incomes to boost earnings, (2) as their new eqity to refinance their debts. But their debts grow at a rate even faster! Now what if the rural property boom stalls? GNS recently is selling off its forest lands in SA urgently for $150m(?) cash. Any buyers yet?