GDN, established in 1957, owns a portfolio of hotels, lodges, and timeshare resorts in Kwazulu-Natal with a turnover of +R100m this year. It relisted on the JSE during Sept'06 via the placing of 20m ords at 85cps which raised R17m. At the current 80cps, GDN seems very undervalued and presents a nice entry into the tourism sector which is set for sustained growth over the medium-term, especially with the 2010 WC coming up. Based on expected earnings of 14.2cps to Feb'08 (a PE of 5.6x!)and a cover of 3x, a divi of 4.2cps should be declared which equates to a forward yield of 5.3%. Tangible nav is 74cps, the balance sheet is ungeared on a net basis while high quality earnings are backed by sound cashflows which allow for internally funded growth. The group is currently trading under cautionary which probably relates to the acquisition of further timeshare/hotel assets in order to gain critical mass. Sanlam Small Caps acquired 5% of GDN during the Sept'07 quarter. Based on earnings growth of around 20% p.a over the next few years, the PEG ratio comes to a mere 0.25!! I own some.