Thanks @Klogg. The characteristics you mention served to keep me out of DDR when it was available in the 2s after I had first come across it.
Since then, I have come around to the exceptional management team that knows how to make hay even with fine margins and an unattractive industry structure, and have a rough double on my hands with a position that is just over 4% of my ASX portfolio.
Given the structurally low interest rate environment we find ourselves in, I would probably be willing to pay 20x or so.
NTD has been great - unfortunately it is not a company in my investment universe.
DDR Price at posting:
$9.98 Sentiment: Hold Disclosure: Held
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