ASB – Austal Limited | Aussie Stock Forums

The capital structure is a mess. They’re clearly bleeding cash and funding operations from debt. I don’t think NTA is relevant in this case, because it is likely that most of those assets only have limited use in other businesses (ie. they will not recover close to a $1 of cost on the balance sheet for a $1 in a fire sale). I wouldn’t be surprised if they had to raise capital soon.

If you take out the property revaluation in the 2012 Financial Accounts they actually made a loss.

There does not look to be much buying interest in this stock, and probably for very good reason! The return on invested assets over the last few years would have been better off in the bank…

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