Ann: Half Yearly Report and Accounts, page-14

@MarsC

Great analysis, and not much I can add to that.

As you aptly stated, the level of uncertainty here does require a fat margin, when it comes to projecting earnings into the future; while the perception of “fat” is highly subjective, the (1-T)*EBIT/EV projections you have made look solid to me, and in no way aggressive.

My personal decision not to add to my position, after yesterday's result, is merely the consequence of having set tight portfolio weight limits (<1.5%, on a cost basis) for all situations that are not generating surplus capital at present. And SKT, at least for the time being, falls now under that umbrella for me.

With that said, I do feel very comfortable holding at current levels, and I can see why you’ve chosen to add to your position based on your investment process. Best of luck with that.

Thanks