Originally Posted by
Lewylewylewy
It's annoying that with SUM you can't call them up to talk about profitability in a flat market (they don't pick up the phone).
Best I can assume is that fundamentals haven't changed so much in their history that they suddenly can't make money as a normal business without property increases.
Therefore business is still good. Worst case scenario they drop to the value of eps + nta, which puts them at $3.60. Of course if valuations drop further, that will litter the nta. Hopefully I won't be eating my words here, but I place all that as a slim chance. Most likely business is still good, as I mentioned. Therefore I see them going up on the next announcement stating that the core business is ok, then going up drastically in the event that property prices don't go down any more.
That's gotta be a good bet, right?