i can not believe vrlpa is lower than vrl buy, page-16

JID,

It has change a lot since 2003. However, I believe it is substantially undervalued at current levels and should be trading up where it was two years ago in the $3 to $4 range.

Since 2003, it has done a lot of share repurchases, (paid some dividends, purchased a number of assets in particular Theme Parks (Phoenix, Hawaii, New Zealand, Sydney, 100% of Sea world etc), increased debt etc. Consequently, I have recalculated the exercise using uptodate figures but been very conservative as I believe the share price is substantially undervalued. In other words, I believe it is actually worth more than my calculation above.


Regards

SP