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When analysing property companies, you should consider the following:
- Is the company consistently 'lean and mean' operationally? If not, it might be that the company represents a good buy on the grounds that it could be taken over and benefit from superior management.
- Does management concentrate on ROE? Does it turn over its portfolio, selling assets at appropriate times in the cycle, or is it more concerned with 'trophy' assets and/or company size?
- What are the company valuation policies? Are assets marked to market?
- What is the cash flow situation at the company?
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