Bunnings also lease their properties (BWP trust). Your points...

Bunnings also lease their properties (BWP trust). Your points around low growth pubs and online competition are valid concerns, but I don't think the Bunnings comparison was made by a 'long wanting to sell'. I hardly think any post on hotcopper is going to make an impact on the SP price of a 10B+ market cap. The big fish are the price setters here, i.e. fund managers/ super funds.

Finally book value is fairly meaningless in this case, apart from the proportionally small number of pubs where they own the property. The majority of this business is not a REIT. Check out the book value of WOW or COL compared to the market cap.

Good to get a counter argument, the pubs business is the worst part of the business and the pokies component of this could face legislative risk. Also, it is interesting to think about BWS/Dan M Vs Bunnings. Bunnings has items that are difficult to post and are often bought in the moment, Beer/wine is heavy but can be bought online fairly cheaply. But it is hard to argue with the track record of this business. If anyone is a heavy purchaser of alcohol, I would love to hear your opinion of online Vs Dan Murphy's.