TGP valuation

From the group update

"The Group’s NTA was $0.87 per security as of 30 June 2020. Based on the mark to market of the Group’s investments, we expect the Group’s NTA to be well above 30 June 2020."

What is a fair valuation for a business with net tangible assets close to $1 and delivering an expected 4c dividend i.e. over 4% yield. There's still $80m in the bank (the whole company is only worth $215m at today's price) to leverage for some more growth.

I think the market has been ignoring this transformation from a REIT to a multi-faceted fund manager. There was some movement when the expected FY21 dividend was announced but we're taking a breather, however it's very hard to see the price staying below $1.25-$1.50 after the half year update.

The only problem with TGP is that they are so busy doing so many things, it's hard to keep track.