TSX:TNT.UN - Post by User
Comment by
InvestSmarteron Oct 31, 2023 1:39pm
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Post# 35709626
RE:NCIB
RE:NCIBToo much debt. They simply cannot afford to remove liquidity with 60%+ debt (probably closer to 70-80% after write downs) while banks will only offer 50% debt loans on office buildings.
Someone mentioned 70% covenants, but that's on existing variable debt, not fixed debt on new/renewal mortgages. TNT is a stone throw or small write down away from 70%.
Taking on debt through buybacks at the same time as write downs will get us over 70% very fast.
giovinco wrote: The fact that ncib stalled since July when share price went down almost 40% is not a good sign.
Wtf are they doing? Cfo was probably let go because she could not do fp&a properly. Problem with most cfos are that they only have accounting background and no finance, which is essential for cfo role.
Anyway, ffo metric looks ok so why are they not buying back shares is the problem.