The 08 accounts for TIM will be out shortly and may paint a different picture. But in the 07 accounts land revaluation only accounted for $5M, or around 1% of revenue. Dividends were about $60M.
Evaluating debt/equity is difficult for TIM (and GTP) as much of the debt is flow through, ie TIM borrows from bank and then on-lends to MIS investors. Yes they still do have significant debt even after allowing for that but not quite as bad as you suggest.
TIM Price at posting:
61.0¢ Sentiment: Hold Disclosure: Held
