a few quick calculations, page-7

buyandhold - thanks for the clarification on the debt refi.

either way, i think pbg has left its capital raising too late.

anyone here who believes that the bank debt market is going to be materially better by middle of next year, and that therefore no capital raising will be required, is unjustifiably optimistic.

PBG seems to be falling a few cents a week.

every cent that it falls will make it that little bit harder to achieve what they need to.

ultimately, this becomes a self-fulfilling prophecy. which is sad.

i don't have a view on the strength of the underlying business - although my gut tells me that currency movements would be eating into the margin quite badly.