That's not out of left field ... read the last announcement regarding buying the mgmt rights off BNB , also a mention that they may look to buy BNB out of some of there JV's ... I think this stock represents a good punt at these sub $1 prices. Unlike property stocks which seem cheap , BBW is relying on nature for its income ... not tenants who are struggling to cope and laying off 1000's of employees in the current economic environment. If BBW can be internally managed with a new name inside the next 3 months , get the proceeds from the Spanish sale , repay some debt .... $1.25-$1.50 is possible.
I reckon in a low interest rate environment a sensibly leveraged, internally managed utility like BBW will offer a yield of around 6-7% ... on a 9c dividend that is a price target of $1.29 at 7% to $1.50 at 6%.
Disc: Have bgt 20k BBW over recent weeks at ave of 80.7c
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