I think thats it Malmanu - there are usually two legs to a...

I think thats it Malmanu - there are usually two legs to a price- one is intrinsic and the other is perception.

My interpretation on the intrinsics is that they are good...
...and one doesn't need to be a rocket scientist to see that the perceptions are awful right now.

Wait a minute... with flightcentre maybe being a rocket scientist might be useful!

Ok, bad jokes aside - what i can say with their debt is the following - based on (my memory of) the 08 AP:

Debt is about 160m - thats 100m in bank debt and 60m "BOS" debt.

The interest paid in 08 n the 100m bank debt was about 6m or 6% - and is likely to reduce this year given that rates overall have reduced.

The other 60m is an employee incentive scheme. I havent sighted a copy yet - but hte debt is a) unsecured and b) the interest payment is performance based. Last year this debt paid out about 25m - I expect in a poor performing year it will be paying out alot less.

So, their interest costs will be around $5m + whatever "bonus" is due under the BOS.

Then, they also have $160m of free cash as well...