Looks to me that the closet is being well & truly cleared by new...

Looks to me that the closet is being well & truly cleared by new management - just before the striking of a new option package?

The only issue with a split of BAA is what multiple? All the "peers" are either loss making or on their knees!

The other issue is debt, perhaps why a BAA split could be on the cards…and don't forget a potential sale & leaseback or outright sale of excess display homes - could raise solid $$ with no lost revenue.

Oh…another issue - the cost structure - these guys make ~$20k-$25k gross profit from building a home, and after the outrageous cost structure end-up with ~$3k per home. Surely this is another key area of focus for new management to get this closer to $10k, particularly considering the groups buying power.

Suspect (with no insight) these issues/initiatives likely to be detailed at the FY result….and at current valuation excluding Madison losses will be a good trade - but still not a good business (so no Buy & Hold).