Originally Posted by
SailorRob
Hi Beagle, thanks for all your insight on Sharetrader in general.
Wondering how you value the two other factors of these businesses, one being the change in value of property already built (which is at the whim of the market ultimately) and the other being the fact that they are creating value by developing new property, which is down to their efficiency. It seems like most of the analysis goes to the underlying business and not much to the development side, which when taken into account just makes things better. I mean when you crunch the numbers on the total income rather than underlying they are incredible.
Also your current no growth PE of 11, it being 8.5 in Benjamin Graham's day (say 1970) priced off bond yields etc.. 11 would be pretty conservative today would it not? Implying a 9% earnings yield and some going to (non growth) re investment and some for the risk, I guess the no growth yield could in fact be even higher today?
Thanks again.