I think you're pretty much right SKYLINE should be on a similar P/E multiple to THL. The greyness of unlisted, minimum holding etc offsets much of the benefit from SKYLINE's wide moats and international presence (well for me anyway).

I wouldn't view the Queenstown execution being a key risk. Just like how the SKC AKL casino is getting disturbed due to the CRL, NZICC, etc, no doubt the Queenstown luge operations will be affected in the short-mid term due to their expansion but that's wheremost of the similarity ends. The Queenstown operation doesn't have the same sort revenue concentration as SKC AKL I think its like 30-40%. And the disturbance is going to directly increase long term revenues. I wonder if Skyline can lock in a fixed price contract from Fletchers for the work too.

Waiting for lotto tonight to get a minimum shareholding.