BKW rallied 5% yesterday after a 269% jump in 1st half profits driven by investments and its joint venture property trust with Goodman Group (GMG). The numbers were solid on all levels – revenue up 24% to $535mn, EBIT up 254% to $450mn helping the company lift its dividend to 22c. We agree with the MD that the business is in a strong position with a diversified portfolio of assets, like all investments it comes with risks but we believe the stocks cheap trading on a sub 10x valuation and looks good around $23.
MM is bullish BKW looking for a test of 2021 highs
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