Q: GBT seems a bit ahead of LNF in terms of developing its real estate arm, but with a weak market, it’s paying a price for it. Is GBT a good stand alone investment, and secondly if I already own LNF to you think they will largely move together?
5i Research Answer:
We think GBT is OK, but it has a very high valuation and does not trade much. LNF looks better on most metrics, and has a higher yield as well (also much larger). We do think they have a high degree of correlation.