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Strategies & Market Trends : Value Investing

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To: lawndale1 who wrote (51930)	12/2/2013 11:43:45 PM
From: Spekulatius	Read Replies (1) of 78684

RDI - i bought a few shares when it went down to almost 6$ a short while ago. It appears that the thesis is straightforward - the cinema operations is worth probably 80%+ of RDI's enterprise value, so you get real estate, generating 18M$ in rent gross income for almost free (at a 10x multiplier, this would be worth ~180M$). Even better, much of the real estate is underutilized or not generating any income at all. The pending sale of the Moonee property (basically undeveloped land) for 26M AUD or 2x book value validates that. Then there are the Manhattan properties worth 100M$+, more land Australia, movie theaters in Hawaii... I think the NAV is twice the market cap, if this company were broken up, but of course it will trade at a discount as long as it's run by the family.

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