Actually, it is 600 million after recap, (100 M mandatory until 2011) and bly can pay more (wich is optional).
We discussed this topic of debt already in other posts and I don't like to repeat these points.
Here are some previous financial things until 2016.
|
{caption}Company Historicals{/caption} |
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| 1 |
Per Share Statistics |
2007/12 |
2008/12 |
2009/12 |
2010/12 |
2011/12 |
2012/12 |
2013/12 |
2014/12 |
2015/12 |
2016/12 |
| 2 |
Sales ($) |
9.68 |
14.25 |
4.48 |
3.16 |
4.33 |
4.21 |
3.00 |
2.25 |
1.11 |
0.95 |
| 3 |
Cash Flow (cents) |
97.0 |
110.8 |
53.6 |
11.1 |
42.4 |
13.4 |
2.8 |
-2.9 |
-8.3 |
-7.4 |
| 4 |
Earnings (cents) |
94.3 |
132.6 |
3.3 |
19.2 |
34.3 |
14.2 |
-23.2 |
-57.6 |
-35.8 |
-19.2 |
| 5 |
Dividends (cents) |
13.7 |
26.8 |
0.0 |
5.4 |
10.2 |
7.1 |
0.0 |
0.0 |
0.0 |
0.0 |
| 6 |
Franking (%) |
35 |
35 |
-- |
35 |
24 |
18 |
-- |
-- |
-- |
-- |
| 7 |
Capital Spending (cents) |
-78.2 |
-129.4 |
-23.9 |
-30.0 |
-47.4 |
-59.1 |
-10.2 |
-4.7 |
-3.7 |
-3.3 |
| 8 |
Book Value ($) |
1.34 |
1.18 |
2.28 |
2.29 |
2.45 |
2.40 |
1.05 |
0.14 |
-0.27 |
-0.58 |
| 9 |
Shares Outstanding (m) |
186.3 |
185.6 |
458.6 |
456.4 |
455.8 |
454.7 |
457.0 |
634.1 |
929.1 |
940.6 |
| 10 |
Avge Annual PE Ratio(%) |
19.3 |
9.5 |
64.5 |
17.5 |
11.3 |
19.2 |
0.0 |
0.0 |
0.0 |
0.0 |
| 11 |
Relative P/E (%) |
131.9 |
60.1 |
574.2 |
137.5 |
83.5 |
153.9 |
0.0 |
0.0 |
0.0 |
0.0 |
| 12 |
Total Return (%) |
0.0 |
-91.2 |
120.2 |
29.4 |
-37.6 |
-29.2 |
-79.3 |
-55.7 |
-63.7 |
106.7 |
| 13 |
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| 14 |
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| 15 |
Net Interest Cover |
3.06 |
7.45 |
0.99 |
25.86 |
13.05 |
4.71 |
-0.62 |
-1.11 |
-1.47 |
-0.47 |
| 16 |
Net Gearing (%) |
265.0 |
501.7 |
5.1 |
14.5 |
20.3 |
45.1 |
122.8 |
779.8 |
-319.9 |
-200.2 |
| 17 |
Debt/Equity (%) |
304.9 |
534.9 |
14.5 |
23.4 |
27.6 |
53.0 |
136.6 |
1,020.2 |
-382.8 |
-217.8 |
| 18 |
NTA |
-0.01 |
-0.14 |
0.14 |
1.45 |
1.60 |
1.59 |
0.62 |
-0.21 |
-0.49 |
-0.71 |
| 19 |
Market Cap (m) |
3,532 |
300 |
1,628 |
2,081 |
1,267 |
853 |
176 |
108 |
57 |
118 |
| 20 |
Dividend Yield (%) |
0.7 |
12.0 |
0.0 |
1.3 |
3.6 |
3.9 |
0.0 |
0.0 |
0.0 |
0.0 |
|
{caption}Historical Financials{/caption} |
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| 1 |
|
2007/12 |
2008/12 |
2009/12 |
2010/12 |
2011/12 |
2012/12 |
2013/12 |
2014/12 |
2015/12 |
2016/12 |
| 2 |
Revenues (m) |
1,787.4 |
2,653.8 |
1,090.6 |
1,452.3 |
1,989.3 |
1,937.1 |
1,366.6 |
1,056.6 |
1,006.2 |
887.8 |
| 3 |
Operating margin (%) |
23.4 |
20.1 |
13.6 |
15.4 |
17.6 |
12.6 |
10.3 |
5.2 |
-0.1 |
4.5 |
| 4 |
Depreciation (m) |
-64.8 |
-115.9 |
-89.0 |
-82.9 |
-93.6 |
-106.9 |
-124.6 |
-103.1 |
-90.6 |
-67.1 |
| 5 |
Amortisation (m) |
-3 |
-9 |
-10 |
-9 |
-15 |
-16 |
-42 |
-42 |
-47 |
-19 |
| 6 |
Income tax rate (%) |
40.4 |
32.2 |
34.2 |
31.4 |
29.5 |
31.8 |
-22.5 |
-32.2 |
-21.8 |
-19.7 |
| 7 |
Net Profit Before Abnormals (m) |
174.0 |
246.8 |
7.9 |
88.2 |
157.4 |
65.6 |
-105.4 |
-270.4 |
-323.9 |
-179.2 |
| 8 |
Net Profit (m) |
92.0 |
226.2 |
-16.6 |
83.2 |
157.4 |
65.6 |
-692.8 |
-405.7 |
-446.6 |
-216.7 |
| 9 |
Employees (thousands) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
5.7 |
5.9 |
4.7 |
4.3 |
| 10 |
Long term debt (m) |
752.2 |
1,171.5 |
147.7 |
243.5 |
305.6 |
579.5 |
654.2 |
873.4 |
944.1 |
1,015.7 |
| 11 |
Shareholders Equity (m) |
249.1 |
219.9 |
1,045.9 |
1,043.0 |
1,117.0 |
1,093.4 |
479.0 |
85.6 |
-246.6 |
-548.7 |
| 12 |
Return on capital (%) |
26 |
21 |
4 |
7 |
12 |
5 |
-6 |
-22 |
-36 |
-23 |
| 13 |
Return on Equity (%) |
69.8 |
112.2 |
0.8 |
8.5 |
14.1 |
6.0 |
-22.0 |
-315.8 |
-- |
-- |
| 14 |
Payout Ratio (%) |
15 |
20 |
|
28 |
30 |
50 |
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| 15 |
Return on Investments(%) |
69.8 |
112.2 |
0.8 |
8.5 |
14.1 |
6.0 |
-22.0 |
-315.8 |
-- |
-- |
| 16 |
EBITDA (m) |
418.67 |
534.00 |
148.33 |
223.23 |
350.79 |
244.89 |
140.20 |
55.00 |
-0.87 |
40.26 |
| 17 |
EBIT (m) |
350.8 |
409.4 |
49.6 |
131.4 |
241.9 |
122.2 |
-26.3 |
-90.3 |
-138.5 |
-46.1 |
You can see that bly don't keep financial aspects in control .
Important is that in the last two terms, BLY made profit (the last one is almost 100M).
But even though this company has not a good discipline in managing debt we still can see in this table examples of BLY reducing debt in the past. For instance, at the end of 2008, BLY has 1,171.5 M and in the end of the next year it has only 147.7 M, so the company was capable to reduce the debt with almost 1 billion in one year!!!
And then again, they went back in 2016 to have 1 B.
No surprise that the market capital changed between 3.5 B and 57 Million and now is approx 300 M.
Now, even they are lazy in paying the debt, I still believe that the debt can be reduced to a small size in less than two years.
Why? Centerbridge, Ascribe, and Ares Management will take care of it, for sure.
So, in the end of 2019 the debt should be low.
But now, as expected, people are still unsure, so the sp is hard to predict whether in short term it will have a sustainable increase.
In long term, yes.
Cheers
