I've been invested in this share since day 1.The discrepancy...

I've been invested in this share since day 1.

The discrepancy between book value and market cap and the very tight implied passing yield give me reason to consider my position, with a bit of profit taking at these levels appealing. But I can't see the demand for childcare dropping anytime soon, plus the low gearing and lost cost of debt wont change in a hurry, so I find it difficult to pull the trigger. The divided is useful and robust. I think I've just talked myself into not selling any for now, but will review in 6-12 months time.

			Best Est*	2021 FY	2021 HY	2020 FY	2020 HY	2019 FY	2019 HY	2018 FY	2017 FY
1	Property	A	1,112.4	1,112.4	1,017.2	914.0	853.3	798.3	742.9	699.4	591.7
2	Other assets		39.1	39.1	45.1	98.6	37.1	27.4	20.8	26.7	29.6
3	Total assets		1,151.5	1,151.5	1,062.2	1,012.6	890.4	825.7	763.7	726.1	621.3
4
5	Borrowings		240.0	240.0	235.0	215.0	207.0	188.5	196.0	179.5	171.0
6	Other liabilities		32.6	32.6	32.8	45.7	30.5	26.9	16.5	15.0	17.8
7	Total liabilities		272.6	272.6	267.8	260.7	237.5	215.4	212.5	194.5	188.8
8
9	Net assets	B	878.9	878.9	794.4	751.9	652.9	610.3	551.2	531.6	432.5
10
11	Securities on issue	C	343.6	343.6	341.9	327.3	300.0	291.3	271.3	269.4	234.8
12
13	Passing yield	D	5.8%	5.8%	6.1%	6.2%	6.3%	6.4%	6.5%	6.5%	6.8%
14	Gearing		20.8%	20.8%	22.1%	21.2%	23.2%	22.8%	25.7%	24.7%	27.5%
15	NAV		$2.56	$2.56	$2.32	$2.30	$2.18	$2.10	$2.03	$1.97	$1.84
16	Share price	E	$4.17	$3.60	$2.88	$2.19	$2.85	$2.74	$2.41	$2.15	$2.25
17
18	Market capitalisation	C x E = F	$1,433.00	$1,237.12	$984.58	$716.74	$855.00	$798.16	$653.83	$579.21	$528.30
19	Valuation difference - Market cap to Net Assets	- B = G	$554.08	$358.20	$190.18	-$35.14	$202.10	$187.86	$102.63	$47.61	$95.80
20	(as %)	G / B	63.0%	40.8%	23.9%	-4.7%	31.0%	30.8%	18.6%	9.0%	22.2%
21
22	Property (implied)	A + G = H	$1,666.51	$1,470.63	$1,207.35	$878.87	$1,055.40	$986.16	$845.53	$747.01	$687.50
23	(as %)	G / A	49.8%	32.2%	18.7%	-3.8%	23.7%	23.5%	13.8%	6.8%	16.2%
24
25	Passing yield (implied)	(A x D) / H	3.85%	4.36%	5.16%	6.47%	5.11%	5.16%	5.68%	6.10%	5.82%
26
27	Best Est* - Applies today's closing price to last reported figures