Happy,
You should look only NPAT not revenue. API is a wholesaler of course they have massive revenue. Woolworths has $50 Billion revenue, doesn't mean they make more than CBA & WBC combined.
Yes, $900m market is large compare to debt. But market cap is base on people buying up shares, if people start selling shares than market cap will collapse.
When API was trading at 30c, market cap was only $150m and $99m debt so ratio look bad.
Should API quickly do a capital raising now to repay 100% debt? $99m raising out of $900m, only be 10% dilution but will repay debt and improve margin.... more competitive.
Just IMHO.
with a bullet, page-45
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