a mini westfield!?!

Just been doing some research into the business model here. It seems that VLL has based it's business model on Westfield - that is identify the property, build it, sell it to a trust and manage it over and over again. I love that model because it produces monopolies. Once you build a home that satisfies the criteria - close to shops and medical facilities, transport, it might be difficult to build another one in the same area.
ABN Amro seems to have faith in the model too (read Castaway's post).
The company doesn't seem to be in such bad shape really. It is still making a profit. It has no debt and an NTA of 17.5 c. The return on equity isn't too bad either - 7% ( $1,500,000 into $21,000,000 x 100%). Hardly a company on its last legs. What has happened is that the margins have being crimped by rising costs and delays (bl**** builders!!) and they are having some other internal managerial problems which they are going to address with an Independant Review of strategy.
This makes me think that this company won't go broke and once building costs go down (which they will as demand for housing declines) it will increase its profit margins and grow. (Start with 17.5c and add ten years of growth at around 15% discounted at 9% and that should give you intrinsic value)
For me this company is a great buy at the moment. I think they just need some advice from Frank Lowy to fine tune their business model. Now wouldn't that be something.