Originally Posted by
BlackPeter
At some stage I need to find a real up to date balance sheet, not just these colour printed investor presentations where they obviously only present what they want to.
But - OK, so they have half of this (246m) as undrawn credit line (as mentioned earlier) and the reminder (255m) is cash which belongs to their "100% subsidiaries" (actually not sure, who this is - It thought that they need to integrate the balance sheets of all majority owned assets (i.e. more than 50% instead of just 100%) - can any of the resident accountants confirm that?
Whatsoever ... it is cash which their subsidiaries might need to stay in business ... not really a heap of cash for IFT to invest as they desire.
A bit lazy here ... but according to Reuters was the NTA in July 2016 (probably based on their March 2016 balance sheet) $3.45. Didn't they still sell some stuff after that date? Anyway - lots of things changed since than, and while MET still went up a bit (and then down again), TPW (their largest holding) lost significant in value. But yes, NTA still might be above the SP (which could convince people to buy in), but I am not convinced that this is enough for a huge recovery.
Will be interesting to see this years financials ....