Ann: ENN FY17 Financial Results Announcement, page-3

New research out from Moelis. Potential NAV upside to $2.94 per share based on a realisation event for Merrylands (hopefully not too far away, either an outright sale or vending into a development fund) and applying a market multiple to growing funds management business.

6.8% distribution yield is attractive and company is well placed for growth given current cash position. Management also seem quite bullish on near term prospects based on the acquisition pipeline.