Its true that Valad had a good win on the Noosa deal and hats...

Its true that Valad had a good win on the Noosa deal and hats come off to mngmt for achieving a great result here.
Problem is still that banks remain very wary around lending in this space and will likely stay that way for 2-3 more years at least - to say nothing about the cost that the banks will impose for debt to this sector (and Valad in particular).
This doesnt curry well for any near term recovery and my view as Valad, whilst they have toughed out the past 3 years very admirably have probably still got a fair way to go before any consistent improvement is enjoyed in the SP.
Valad has tracked sideways at best for at least the past 2 years - and probably vindicates the decision of Steve Day to cut ties with what was essentially his creation - 14 years in the making (this was no doubt a difficult but carefully considered decision for him to walk away and concentrate his efforts creating value elsewhere - as he most likely knew back early last year what we all know now about Valad - and the long grind still ahead of it )
By the way has anyone been to Noosa lately and seen the carnage there in its prestige property market? This place would have to be among the most bombed out areas in Qld if not Australia because it is driven by the wrong market for these times - retirees, backpackers, formerly rich Melbournians and Sydneysiders now no longer endowed with plenty of discretionary spending at their disposal- with little real employment prospects in the region outside of the hospitality industry. Is it any wonder that within Noosa itself there are at least 3 major projects in the hands of receivers and going nowhere fast.
Dont forget Valads disatrous foray with Petrac at Noosa North Shore - a project of poorly located luxury beachhouses which receivers have discounted by up to 40-50% on original asking prices and still not selling.
My guess is the Sheraton would be worth roughly half what Valad paid for it 3 short years ago - and this one is considered one of Valads good deals!
Extrapolating this across the rest of the Valad assets and its no wonder Barry Wynne is so scathing about the quality of the existing board and management. A view he has held for some considerable time now.
As I recall Barry (a highly respected former longstanding director of LendLease and Valad founding director. Barry has always shown a steady moral and fiscal compass which i imagine eventually made his position on the board untenable from his point of view ) left his position on the board some years ago after a difference of opinion with the board and can now only watch with frustration from the sidelines as his once valuable shareholding continues to erode under the watch of a management and board that long ago lost his confidence. My only confusion is why Barry continued to hold his stock following his departure from V.
Also as other posters have rightly pointed out the newly consolidated Valad SP just invites further falls as its now perceived to have more room to go down - and this is exactly what has been and will continue to happen.
These are my thoughts on Valad and why I cant see real improvement happening in its SP anytime over the next 2 years.