Frasers Property (formerly: Frasers Cpt (FCL))

[Scg8866t]

Haha... ok. That's a pretty extreme way of calculating "net debt". Going by your definition, if a company is so flushed with cash that (cash and bank deposits  - debt) is positive... either (1) there is nothing worth investing in their industry (2) management is not making good use of resources. Hardly a positive thing! Then again whether having piles of cash lying around is a reflection of value is very subjective.

Hehe, I think differently. In this current times, I prefer companys with huge net cash positions or those that are transitioning to, than those that are drowning in debt. net cash rich companies are the ones that can take full advantage in terms of capex and acquitions going forward(more options)

Value investing to me means buying companies with the most potential value and to me that relates to property synergies, cash on hand with as little debt as possible.