And then we take the remaining 172,000 acres and assign that a value of $ 1,500 an acre and we consider that to be either rural or swampland, and the $ 1,500
estimate is
pretty much where the land has been going — rural land has been selling for around these last few years and when we net out the liabilities, we get an equity value of $ 4.4 billion, which is right around our $ 50
fair value
estimate.
Now consider the growth stock: It actually ends up delivering a consistent 15 % annual gain in revenue & earnings — based on that performance, your
fair value
estimate rises accordingly & we can be
pretty confident the market's happy to maintain or increase its valuation multiple.