LEP 0.00% $5.72 ale property group

Valuation

  1. 1,184 Posts.
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    Debt is $460m which makes net property holding value at $620m. They had to draw more than $10m from reserves to pay distribution because they have earned just enough to pay 3.2% out. Can anyone rationalize why this stock is so high? Prima facie valuation based on the numbers above would justify a share price about 30-50% less I would have thought.
 
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Currently unlisted public company.

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