Ann: New Funds Management Initiative and Equity Raising, page-4

I have normalised EV/EBITDA for FY15 at just over 8x; and a yield of just over 8%

On the surface not especially cheap but there is significant potential earnings upside not reflected in the forecasts:
- performance fees from the funds it manages
- capital gains from its investments (approx. $83m of investments on its balance sheet)
- rezoning of its strategic land holdings (Merrylands and Featherdale)
- creation of a listed trust holding its tourism assets
- another Bell City type deal ($1.8m in acquisition fees and $1.2m in recurring management fees)[ENN have advised there is significant management capacity to support an increase in FUM]