Agreed it's undervalued. Hume/Maso/Athos are likely leading the charge on assets sales and eventual windup following the withdrawn Aliro proposal, so there's a path to realising NTA. Removal of debt decreases the equity sensitivity to revaluations so there should be a lower discount to net assets.
Beenleigh and ACT valuation seem ok, albeit ACT has seen decent cap rate expansion since 2020. Neither property individually moves the needle from here though.
Boeing are vacating Charlotte St in June '24 with 81% of NLA. Valuation has apparently been updated to account for that but will need a buyer comfortable to take on the leasing risk at that price. St Kilda cap rate looks tight - ABP divested the property next door in March '22 at the same cap rate but different market now. Parramatta an empty building and parking lot with a refurb required.
Still a pathway to $2.10 assuming a 10% discount to the property portfolio inclusive of transaction costs = ~23% upside from here.
Ann: Sale of 5 Eden Park Drive Macquarie Park, page-7
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Last
$1.25 |
Change
0.013(1.01%) |
Mkt cap ! $204.6M | |||
| Open | High | Low | Value | Volume |
| $1.23 | $1.25 | $1.23 | $5.639K | 4.559K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 325740 | $1.24 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.25 | 21230 | 2 |
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| Last trade - 16.10pm 06/09/2024 (20 minute delay) ? |
| AOF (ASX) Chart |