check out the figures

  1. 14,217 Posts.
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    Basically at $1.65 the shares are being priced for a 1 for 1 equity raising @ $1 and a 40% writedown in asset values

    Here are how the figures were derived after much discussion

    the basic premise is that "a REIT trading below its per share book value is essentially trading at a discount." from Value Investing for Dummies p318

    I think for most part property valuations are based on discounted cash flow so the valuation of asset is equal


    no of shares = 2,199,133,940
    NTA = $3.86

    Equity = $8,488,657,008
    a decline in assets will be reflected in similar decline in equity
    40% of equity = $3,395,462,803

    Equity value after a 40% in asset values = $5,093,194,205

    After a 1 for 1 equity raising @$1 GPT would be worth

    $5,093,194,205
    plus new equity ($2,199,133,940)
    $7,292,328,145
    New number of shares = 4,398,267,880

    NTA after a 40% decline in asset values = $1.658

    a 50% decline in asset values plus a 1 for 1 equity raising @ $1 would work out as follows

    equity = $4,244,328,567
    add in the new equity from the raising
    $6,443,462,507

    NTA = $1.465

    so the way it is being valued at the moment the market is expecting a fall in asset values of between 40% and 50% plus an equity raising of 1 for 1 @ $1

 
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$5.15
Change
0.050(0.98%)
Mkt cap ! $9.769B
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$5.12 $5.17 $5.12 $2.966M 575.9K

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18 14452 $5.14
 

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Price($) Vol. No.
$5.15 42380 26
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