development pipeline $1.7 billion

From yesterdays Report
This company appears to be incredibly undervalued ??

"The Group has worked very hard during
the period to reduce debt and simplify the
business, bringing it back to a focus on
niche growing markets including social
housing and retirement where Becton has
demonstrable expertise and a competitive
advantage. It is in these areas that the
Group has a high quality development
pipeline with a gross realisable value of
$1.7 billion."