Would the deferred revenue just be brought over to accounting revenue over the period of the term rather than paid back to costco? My understanding of def rev is a bit limited.
Seems like 25 of the 42.5m pays off all the BankSA borrowings for Churchill, and I couldn't find any other debts in the half year account. 7 to the trust to retain 17.5% income and ownership of Ch North, and then 10.5 in the bank to bring that to ~21m minus costs for the quarter and anything else.
I assume they might be putting some of that into Mt Barker/Richmond/Double Bay.
I don't really have any experience with property companies on the ASX. Thoughts on why the MC is so low? Is there something I'm missing? I guess the time frame from project to project is kinda long and there's the risk of the capital outlay.
After settlement though they'll nearly be at cash backing with no debt.
Seems pretty good value. Keen to hear your thoughts.
Would the deferred revenue just be brought over to accounting...
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