WHat is going on with this stock?
Very very undervalued. Paying 12%, its projects are 89% zoned. Its Officer project will be coming onto the market within the year, into a market with one other competitor being AVJennings. Queenland all producting. Mernda has been experiencing sale rates beyond expectations. Once this land comes on land, they will once again control a significant parcel of land, in a prime position.
Links living sale has not been realised. The sale to Stockland of the balance parcel was enough to cover the iniital investment in the whole links living portfolio. Now when the sale goes through it is all pure profit. Dividends will be paid out of profits before 2009 financial year.
Yes property development is a risky busineess, and i am not one who knows all the stock valuation methods, but with NTA at 88c, how is this not valued at least that price? i dont understand. Any ideas?
undervalued
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