Ann: Dividend/Distribution - PRT, page-9

A 2.0 cents fully franked dividend is likely to be reasonably sustainable for the foreseeable future.

If you were looking at a required yield of 6.5% p.a. (including franking credits) then the implied price you would be prepared to pay for a PRT share is 44 cents.

That valuation metric is not without merit. This is a company in a stable market, with no debt and strong management.

Add into the SP a takeover premium and 44 cents becomes a stake in the ground as far as valuation goes.