Ann: Intention to Make Takeover Bid, page-44

Business should be calculated on their future earning discount back to the current value
based on NTA is not a good way to value a business unless it backed by asset like real properties at cost value etc...

there are 2 school of calculations, one you can take an arbitrate rate of return like 10-15% and discount that back
the other is compared to risk free rate something like 10 years US government bond or Australia government bond rate.

but 10 years US bond rate is what I like to use unless it less than Aussie government bond rate
based on those calculation TRS is an extreme bargain at this price and Raphy know it

you can see why US market is hot when their US government bond is at 0% or very low as this
is the benchmark to risk and reward, people said it bubble since 2015 but it kept going up
that because there is no alternative to the calculation against risk free bond, people willing to take risk in
the stock market for 2% yield rather than 0% yield in the bank etc...


good luck you buying a extreme bargain at this price