re:charity acquiring stock, page-31

I'm no road expert but I'm doubtful of how busy it can get when you compare the population of Brisbane to Sydney or Melbourne.

One thing's for sure, if anyone asked me to look at buying BCSCA on the basis its undervalued I'd be running a mile away.

This is a $4.9b project supported by something like $1.2b of IPO equity, of which only $400m is paid, with $800m more in instalment liabilities. A mere 10% fall in the value of the project from those lofty levels would've wiped out the entire value of the first instalment, which has happened, and a further 15% fall in value would wipe out the value of future instalment payments as well, ie make the effective share price negative $2. And if you look at the performance of stocks like CEU, TCL and MIG there's good evidence of that further drop in market values of toll roads in the past few months - though the latest rally have taken these stocks a fair way off its lows, almost back to levels late last year when BCSCA went to .001.