Based on a cashflow model which excludes growth and discounting...

Based on a cashflow model which excludes growth and discounting MXG is worth $2.75 (see rational below) The question is what return would you expect from such an investment 20% ($2.29) 30% ($2.11) or 50% ($1.83). Your decision on this will determine what price you go in at.
The multiplex trust is worth $2.45 (ie .1715 trust distribution divided by 7% distribution yield)
Now what is the construction wing worth -
"Work in hand is $6.7bn with over $250m in gross margins inclusive of $59m Wembley provision. There are 51 projects of which 46 are profitable, one breakeven and four losses. Of the top 15 projects the weighted average completion is 45%. The loss projects are either completed or in the final stage of completion. Average forecast margins are steady or improving across the balance of the portfolio with margins in the 4-5% range" quote from Huntleys.
How much will this $250 m contribute to earnings? It could contribute about .30cents
($250 million divided by the no of shareholders)
INTRINSIC VALUE : $2.75