A Net-Net With £3.5B in Revenue

This business is priced below the value of its current assets, implying the operating business is worthless. However, the company has a strong brand and has been established for decades. The ownership is dominated by institutional shareholders with a large free-float. The downside risk is capped by the sheer volume and quality of the asset-base. The stock price is expected to re-rate as the market realizes the business is not going to be liquidated.