EVT has independent valuations regularly done on their property portfolio, not more than 3 years old. The last valuation done was done on June 2023 which found their property holdings to be worth $2,280.3m. Considering they've taken out loans of ~$400m against their property, there probably isn't that much hidden value at the current market cap of $2,160m. This is all in the annual report.
The reason why the share price increase over the past 10 years is much lower compared with general property prices, is mostly because there has been a significant fall in the value of their other two main assets - Thredbo and Event Cinemas. Their cinemas business in particular was generating the majority of EVT's profits 10 years ago, but today its profits are just about negligible. Since the share price is made up of the value of their 3 main assets (property, thredbo and cinemas) if the value of one asset goes up 200% or 300%, but the other two goes down 70%, obviously you will see the value overall increase much smaller than 200% or 300%. More like 120%-150% which is where we're at now.
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