Ann: Change in substantial holding, page-3

Been doing a bit of work on this little company this week (how it got to where it is with such ease and such little resistance from would-be competitors is something I still need to figure out) but so far I think its the real deal.

(And I think that, not because of the above change in substantial shareholder notice, but despite it!)

Carries very large lease liabilities relative to the market value of the company, but partly offset by a large rent roll book. I need to better understand the nature of both that liability and asset.

But assuming I find no noxious weeds when I enter the garden, even if one treats the entire lease liability as part of the Enterprise Value, the stock still doesn't look at all expensive given the growth being achieved and, presumably, still on offer going forward.

Insights into the above, from people smarter than me, are welcome.



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