walrus management rights are good if they are run by owner operators, once you put managers in it is different. Also freehold is usually around 20% of total. Rights sell for a bout 6 times nett so therefore if it had 800k real estate and earnt 500k then rights would be then 3miil plus 800k 3.8 to nett 500k less managers wages say 65k leaves 435k to cover all exp including interests ect, not as rosy but then stella gets side fees for bookings ect. Work it out add all the wages ect in Head office and everywhere else.
MFS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
