Tilson’s presentation on GGP
Whitney Tilson recently presented a potential valuation for GGP. He made an argument for GGP getting a comparable valuation to Simon Properties. Based on GGP’s asset quality and NOI, we agree that GGP should command at Cap Rate around 7%, which should mean a share price of $25. We think in the next 6-9 months the shares will reflect a much more fair valuation of the share prices.