Still very undervalued. JHC's net book value is $215m, but land...

Still very undervalued. JHC's net book value is $215m, but land is carried at cost. Replacement cost of the land of its facilities is multiples higher. Suspect there'll be another bid, and this announcement will presage bids across the sector. The whole industry has needed to consolidate for a long time. This Budget following the Royal Commission and other reviews will give the sector the funding clarity it needs to formalise bids and M&A value.