ALE price jump warrants downgrade

ALE Property Group’s security price continues to march upwards. Those new to the stock can read why its quirky leases mean there’s hidden value in this pub owner in Another round of ALE? from 26 Jun 13 (Buy - $2.50).  Property groups enjoy a narrower range of potential outcomes than operating businesses, such as CSL or 21st Century Fox, which means we’re less inclined to grant it too much wiggle room in regards to valuation. We’ll review our assumptions following the interim results later this month but, with the security price rising 4% since ALE Property Group: Result 2013 from 31 Jul 13 (Buy - $2.69),...

ALE Property Group’s security price continues to march upwards. Those new to the stock can read why its quirky leases mean there’s hidden value in this pub owner in Another round of ALE? from 26 Jun 13 (Buy - $2.50).  Property groups enjoy a narrower range of potential outcomes than operating businesses, such as CSL or 21st Century Fox, which means we’re less inclined to grant it too much wiggle room in regards to valuation.

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