signs of life - dtz review due next fortnight

I'll be surprised if UGL doesn't decide to demerge (or dress up/separate in some way) DTZ. Overseas peers to DTZ such as JLL and CBG (CBRE Group) are trading at 12 to 13 x EBIT from what I can see. However I would expect DTZ to trade at a discount to these unless it trades on a perceived chance of being taken over. Maybe roughly 10x EBIT is a decent guess - or about $920m.

Maybe UGL would be worth about $9 or $10 if that was happening? A lot of bad news is factored in too with the guidance released mid May. So I thought I would take a long punt instead of my usual short in this recent woofer. It seems to have been oscillating upwards since mid June, and dip buyers seem willing to step in aggressively last week.

GLTA