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10-11-2014, 05:14 PM
how significant is this impairment loss on development properties? this is only accounting cost with no real cash outflow and the company always seem to be able to reverse the loss? all their properties are actually profit making aren't they? it's just they sold them quite slowly...
retail and publishing make PBT of 20-35 mln between 2010-2014. Let's use 20 to be conservative.
tax 20% (again to be conservative)
minority interest 0.5%
FCF (not actual formula for FCF but this is just rough figure as we dont have complete data): 15 mln per year
Discount rate: 10%
Total value of retail and publishing business: 150 mln
Net cash: 87 mln
Total value: 237 mln
Shares outstanding: 797 mln
Value per share: 0.297 (vs current price of 0.24 or 24% upside)
Dividend yield: ~4%
Does the market attach negative value to its property business? or is there something I'm missing? this company looks cheap...
retail and publishing make PBT of 20-35 mln between 2010-2014. Let's use 20 to be conservative.
tax 20% (again to be conservative)
minority interest 0.5%
FCF (not actual formula for FCF but this is just rough figure as we dont have complete data): 15 mln per year
Discount rate: 10%
Total value of retail and publishing business: 150 mln
Net cash: 87 mln
Total value: 237 mln
Shares outstanding: 797 mln
Value per share: 0.297 (vs current price of 0.24 or 24% upside)
Dividend yield: ~4%
Does the market attach negative value to its property business? or is there something I'm missing? this company looks cheap...