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With current independent land valuations, if CDI liquidated, a quick calc tells me one would get about 80c a share but currently just over 50c a share.
Is this stock undervalued?
If so, is it because of its lack of sharemarket trade-ability due to its obscurity?
or maybe because it listed many many years ago through the back door?
or their cornerstone shareholder is Millennium & Copthorne Hotels (MCK) who haven't been doing so well lately?
or some bad history maybe?
or is it just a good buy?
Here is a summary of their last audited results:
Attachment 5982
Given these figures along with the SP pre-announcement (ie taking into account market sentiment) I would expect the current SP to be 68-70c by now.
For the year ending 31-Dec-2013, their percentage increases compared to 31-Dec-2012 across the board were even better than the figures above but the price has still not moved appreciably in all that time since Jan-2013.
Any feedback appreciated.
Disc: Holding some.
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