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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: lawndale1 who wrote (51930)	12/2/2013 11:43:45 PM
From: Spekulatius	Read Replies (1) \| Respond to of 78704

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.

To: lawndale1 who wrote (51930)	5/22/2014 11:29:27 PM
From: Spekulatius	Read Replies (2) \| Respond to of 78704

I bought some RDI in the 6$ range a while ago after it was mentioned. Stock is up after selling two non-income producing properties in Australia for 85M A$ or thereabouts. I am wondering where you think the company will go from here, after the catalyst sort of has played out. Sure, they have more valuable properties (in Manhattan and Hawaii) but the former has been on dock for redevelopment for a long time time and nothing has happened. I'd welcome your opinion. I am sort of tempted to sell my few shares, since I am not particulary fond of management.