More [unquoted] quotes found between the above quote and the below quote but not quoted here :confused:
Firstly an apology 'by the time next March arrives' should have been 'by the time next April arrives'.
Those numbers fell out of this mess which was part of a larger mess:
http://i7.photobucket.com/albums/y26...p-20151103.png
The 3rd column is the FY reported NTA for 2002 to 2015 inclusive which appears to have a fairly reliable average 10 YoY growth rate of nearly 20%.
The 1st column is the ratio of the share price at the end of Oct in calendar year XX to the 3rd column, which is the NTA at the end of Mar in calendar year XX (I did say it was a mess :ohmy: and in writing this I have spotted the error which makes my $6.72 and $7.25 too high :eek2:) and the second column is the natural log of column one.
So with our annual 20% NTA growth and the 14 year average ratio of SP to NTA out popped $6.72 now and $7.25 later, which should have been $6.04 now and $6.72 at the end of Mar-16.
So that is all there is to it.
But the good news is of course, if the past repeats into the future at 31-Mar-2020 the value of the company, even by this Tiger model is $13.93.
So what are you willing to pay now for that?
Best Wishes
Paper Tiger
Homework question: Why is a glorified property company worth many times it's NTA ?