You are right on that and that could well be how it will work out ..
but Rebel been around for a long time now, it has change owner many times, not many can increase margin and earning by a lot.....
the last lot of private equity paid $270m for it only 4 years ago ....they stripped it bare and now sold back to SUL for double the price...
Pretty much a Myers make over case....bought for $600m from Coles, sold all the asset and building worth $300m, clean up inventories, sold back to the market at 1Billion - minus the properties asset plus a pile of debt.
I wait and see too risky to touch it.....
good luck though and hope you prove me wrong...
SUL Price at posting:
$5.44 Sentiment: None Disclosure: Held
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