Just read dexus FY results started off looking ok until I got to NTA - now $1.01 down from $1.77 one year ago. Midway point NTA at Dec 08 was $1.33 which equals a 24% reduction in NTA in 6 months.
It would be safe to assume that Valad's NTA will be down (given) and if it is likewise down 24% from dec 08, give or take a few % - would equal NTA around 38c.
To extrapolate that further (KISS - keep it simple) with dexus trading currently at around 69% of NTA - I propose that valad could be trading next week at around 25-28c per share.
I realize there are other factors to be considered but in simple terms we are currently trading at 50% of what one could consider to be reasonable share value.
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