RE:RE:RE:RE:Screaming Buy - Loss of sector interestIts a good arguement isn't it, generally each and every person will have an opinion regarding fair value.
What i believe they should sell enough asset that would allow them to improve the NAV of the company, as the debt ratio is alreadys low 35.9
The NAV of the stock is $44.84 per unit.
So the shares are trading at 15.45/44.84 = 34.45 % of NAV
10,475 Million
3,719 Million debt
Total share = 139,765,128
For every share that AP.UN buy back they would add $44.84 to the value of the company. Plus they would not be paying $1.80 in dividends. $46.64
So you would roughly have to buy 139,765,128 million dollars worth of share (NAV Value) you would add roughly 1 dollar in NAV to the existing share would increase 34 cents.
So if AP.UN bout back 3 million shares, roughly spending 3 million * $15.45 they would add one dollar in NAV for each remaining share. 47 Million dollars share buyback (15.45 share) will increase the nav by about 2.2%
So if they sold a 200 million dollar property and bought back share it would increase the NAV of each share close to 10%. (12.5 million share buyback)
The key would be selling the property close to or above book value, and all other ratio's would look the same and people would have more confidence in the value of the book.
IMHO