+ WDC owns a good development pipeline (I give it 50 cents)+ NO...

+ WDC owns a good development pipeline (I give it 50 cents)
+ NO 1 existing asset portfolio (I give it 5% premium)
+ Experienced Management with big stake in the company (I give it 10% premium) just look at their FX hedgebook and asset sales and equity raising (isn't the timing wonderful?)

(10.5+0.5) x 1.1 x1.05=12.7

then work from there we have many upside catalists, such as the 2012 Olympic, US dollars and the commercial property revaluation cycles (residential cycle is trending up already!)

Sometimes maths is not that importantm, sound returns combined with lower then average risk is enough for me to put down a conviction LT BUY.

PS: I'm no traders and hence this logic may not apply for traders. I acknowledge the fair possibility of futher share price declines due to market speculatoin.