Yet it had a number of assets, including the strength of its brand name and
the enormous value of its real estate holdings (a classic case of the «hidden value» we talk about in the next section).
In addition to potentially sizable appreciation from present levels fueled by both impending catalysts and growing cash flows, at current prices, RDI has an
enormous «margin
of safety» both from the
value of Reading's huge landholdings in Australia, New Zealand and the United States, as well as an imputed compelling cheap valuation
of its cinema segment, by taking out any conservative
value for
real estate.