Mittleman Presentation, page-2

There is so much content in the prezzo. This is Mittleman’s conclusion on the Grant Samuel report, regarding VRL financial forecasts.

OUR TRANSLATION: “VRL’s internal model (which we won’t show you) had a base case forecast that was too favorable for the low valuation, so we fixed their inconvenient optimism with our own model (which we won’t show you).” Shareholders should be able to review both models, instead we see neither.

Mittleman presents a compelling case with various precedents for a takeover valuation being 10x EBITDA (not EBIT). We are WAY short of that. Hoyts (Australia) takeover not even referenced by Grant Samuels and two ‘real estate only’ transactions used instead (to work down comparable EV takeover multiples).

let’s get some comments going on this thread so it attracts attention - I doubt the Aussie media will publish much from the presentation.