I think the company may have some upside - probably up to the 70c mark or so - but in my view this is speculative, not intrinsic - based on takeover potential.
I do believe that the recent divestments have been all about dressing GPT up for takeover activity - however with 350 - 400m of earnings pa. and a current market cap of 5.5b - that puts it at roughly 14x earnings - which in my estimate is high.
I value LPTs based on their earnings capability, not on the ability to sell assets - so I dont put too much energy into NTA - it doesn't really matter what the NTA is - if there are no earnings, it aint worth s*%$t !
The company isn't due to earn anything from its development pipeline in the short term either...
So... I would buy $400m of earnings for < $4b when it comes to commercial property, with limited scope for growth in earnings other than systemic increases in rent - which may be 5% or so / year.
Currently market cap is 5.5bn and with no reason other than speculative I'm leaning towards selling my (considerable) holdings.
I would love it more than ever if SGP or someone else came riding in under the banner of takeover and paid 78c / share ... but... in my methodologies, this would be speculating, not investing.
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Last
$4.26 |
Change
-0.125(2.85%) |
Mkt cap ! $8.236B |
Open | High | Low | Value | Volume |
$4.33 | $4.37 | $4.25 | $21.60M | 5.019M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
22 | 50623 | $4.25 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$4.26 | 99304 | 81 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
35 | 32628 | 4.260 |
29 | 65312 | 4.250 |
21 | 57410 | 4.240 |
15 | 191791 | 4.230 |
11 | 39951 | 4.220 |
Price($) | Vol. | No. |
---|---|---|
4.270 | 102926 | 91 |
4.280 | 74852 | 38 |
4.290 | 70499 | 25 |
4.300 | 198794 | 17 |
4.310 | 61697 | 15 |
Last trade - 15.40pm 26/06/2024 (20 minute delay) ? |
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GPT (ASX) Chart |