Swap,
I totally share your view about the valuation. Even if the phyical properties are worthless due to deterioating market value thus 100%+ LVR. The service/management busienss should worth about $2.0bn+ which equates to $2.0 per share.
On another note, if you run a DCF on the advisory fees in the past year, the business probably will be worth between $1-2 billion alone. haha. So how are the advisors creating any value?
