This report provides a comprehensive business analysis and valuation of Servcorp Limited, an Australian real estate company. It examines Servcorp's competitive advantages, including its scalable global network, central management system, proprietary VoIP software, and automated provisioning system, highlighting its ability to differentiate itself in a competitive market. The report analyzes Servcorp's financial performance, including revenue and profitability trends, and forecasts for future growth. It also assesses the company's Return on Equity (ROE), identifying a significant drop in 2018 and discussing the factors influencing this metric. Furthermore, the report addresses key accounting issues, such as leasing agreements and management incentive systems, and their potential impact on financial reporting. Overall, the report offers a detailed evaluation of Servcorp's business model, financial health, and accounting practices.