Q: Since you last commented on this one mid Dec of last year it dropped about 40%. I am wondering if it is perhaps becoming more attractive. Do you believe that the real estate market will hold up over the next year?
5i Research Answer:
DND has weakened since its strategic review, and with uncertainty on the economy. It has a new CEO, which also adds uncertainty. More losses are expected in 2025 and 2026, and debt is way too high for our comfort level here. We think this one can wait. Real estate is not likely to crash, in our view, but we dount it surges under expected conditions.