A dollar is a dollar? That is a nonsensical explanation. NEC owns a good chunk of Domain. Whether you think Domain is fairly valued or not it has a very large value as a listed stock. Of course NEC’s value needs to reflect that. They could sell it tomorrow and realise $X.Yb, so you need to factor that in, in any comparison with SWM. I am all for trumpeting value in a stock but not in a way that is misleading. As i said, you are not comparing apples with apples. If you exit NEC’s Domain stake out of the valuation i still think SWM looks far better value, but you are not doing this. Take more care with the valuation analysis because others are may wrongly take what you say at face value. They shouldn’t
SWM Price at posting:
46.5¢ Sentiment: Buy Disclosure: Held
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