Do note that this contract is a renewal of a contract they already had, rather than a new win.
IMO MSG is probably fairly valued here. Improved profitability this year looks to be due to their government hotel quarantine management contract, ie. not sustainable. Wild card is if they get a takeover offer, or win a contract in the resources sector (thus expanding beyond a the non-growth bricks and mortar shopping centre industry). Barring those two events, can see profits returning to pre-covid levels.
Ann: Contract For Perron Centres, page-10
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