macd turning up , page-4

The debt extension is one factor. If you take out the one-offs in the last financial report PBG is on a P/E of about 2.3. Take into account efficiencies gained by closing the Australian operations the P/E ration should be even better. When dividends are reinstated it should be yielding about 11%. So on fundamentals, now that the debt levels don't seem such a critical factor, it should be re-rated by institutions.