I just picked up this thread. I rate the valuation at 12.46 on an average PE for SYD. so it's 45% undervalued based on current price and good returns on equity.
I just bought at 6.84. It's a strange one to value though due the the structure and apparent high levels of debt that would normally turn me off such an investment.
Also traffic numbers seem up and interest rates are low plus an incredible Moat.
SYD Price at posting:
$6.82 Sentiment: Buy Disclosure: Held