Last time I checked the net asset value per unit was also worth much more (approx. double) than the trading price - so I'm sure your calcs are right.
Issues with CWT include: 1. Its treading a very fine line with its bank covenants 2. It may need to raise capital to restore some strength to its balance sheet and pacify the banks. 3. The real sustainability of its leasing income is unknown as the Australian/NZ wine industry is very tough at present with excess supply.
That said, I am overweight in the units and in for the long haul - at some stage the supply problems will be addressed, leasing income growth restored and profitability should be reflected in distributions and unit price ;-)
CWT Price at posting:
19.0¢ Sentiment: Hold Disclosure: Held
