Good question - whatever the best buyer is willing to pay. Depends on what they intend to do with it.
A. If this is viewed as merely a property play, work out the market value of the property assets, and divide that by the number of shares to get a share price. Anything under that price is almost a property arbritrage. Bargain.
B. If this is viewed more wholistically as an opportunity to snap up a good business in a temporary tough time, to then run the business better, SGR is undervalued by at least 60%, and the takeover price could be more than double current. Under that price is a bargain.
C. if this is viewed as an opportinity to integrate prime property assets as part of an already large property portfolio, perhaps create a casino monopoly, or merge with an existing international brand for long term growth, cross sell, then add a premium on top of "B" and the takeover price could be much higher again. Anything under that is a bargain and leaving upside on the table for the new owner.
Of the three paths, I prefer "C" as most likely, as that buyer would have the deep pockets and expertise to maximise asset values, and increase income.
In all 3 scenarios, the current share price is a bargain.
DYOR, NFA.
held and accumulating.
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