Yep, what you say
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You can add it in for a conservative view. In which case EV is, what, ~$2B?
I think we have (mostly) agreed though that the ORA liability is never actually paid back though.
Whereas the bank loan must be paid back.
So I would tend to omit ORA in the EV calc for our purposes.
But I stand to be corrected.
Thank you ValueNZ for explaining basic principles to another person who doesn't get it.
If course I don't know what it's worth. To know that, amongst other things, I'd need to know the earnings over the next 30 years, I'd need to know future inflation and interest rates, my own opportunity set and my own discount rate, which will be different to anyone else.
Buffett and Munger had different values for Berkshire.
Rawz, if you think this is so absurd and that you can value businesses, how about you share your last 10 years of returns with the forum so we can judge what you're saying?
I didn't think so.
Perhaps contact ValueNZ who can give you private tutoring.
To me it's worth something north of $2 a share, that's all I need to know really. And if I had to get more precise then it would be upwards of that not down.
But to almost everyone else, that's impossible as the share price is 55c.
You all better be glad you don't own private businesses. Without a quote you'd be totally lost.
From section 3.1 and 3.2 of the AR, I thought the valuations are from a discounted rate or dcf method? So based on cash earned and not "only realized in a "worst-case" scenario"?.
And I question your comment about them being completely reliant on the property market functioning well, as average occupancy periods are something like 7 years? Can you explain your point in more detail?.