A Real Good Find

tanners,

I accept that I took 'basic' and fully diluted eps when considering NBF.
By doing this when considering any investment, I ensure I'm buying actually distributable earnings.

So I don't accept that my calculation is 'wrong', merely more prudent.

As far as the existing businesses go, they don't seem to be delivering the real profits: so much is promise.

I was accused earlier of pushing a shorter's agenda here. I wouldn't have the faintest idea how to short this if I wanted to; in fact, I'm keen to get on board!

However, I can't reconcile the very optimistic broker forecasts with the figures actually produced, and the whole set-up looks like an unmotivated conglomerate.
At least the old-fashioned conglomerate assemblers (Hanson, etc.) bought real assets and sweated them.
Here, the purchase of NBF involved a big element of goodwill assets ... which brings us back to square one!

So I'm still looking for reasons to buy into this, and when I find them, I'll let you know.
Thanks for your reply, by the way.