10.5% yield p.a. over next 3 years, PE~ 12, 50% cash backing, page-9

@Fire Bull yes they do generate $800k in rental income from that property, but the sale isn't settled until September. From there (FY16) they will have $300k savings in finance costs as all debt is repaid and another $300-$400k rental savings as they consolidate into one head office in WA. So that will make up the majority of the lost income from rent, while revenue growth should take care of the rest.

The way I look at JYC currently is that you are getting paid 10% a year to bet on management growing the businesses. That yield should protect the downside assuming the dividend policy goes ahead. I think Kitchen Connection is quite high quality and that is currently hidden in the accounts. Underlying earnings mean its not expensive on a multiple basis and if they get the growth they are alluding to its actually quite cheap.