Mishorim Development Group - Diversified Israeli property group trading at 55% discount to NAV

Mishorim Development Group Diversified Israeli property group trading at 55% discount to NAV Mishorim Development Group Ltd (Mishorim) is a real estate development group that owns or has a significant interest in a diverse range of properties in Canada, Israel and the USA. The group had a Net Asset Value (NAV) of NIS 433 million at 31st March 2012, to which the shares currently trade at a 54.9% discount. We believe there is scope for a further potential increase in Mishorim's NAV, based on the performance of underlying economies and property markets. Development projects are either planned or underway at a number of properties, which, once completed, could enhance the Mishorim portfolio by increasing revenues and/or asset value. We initiate coverage with a stance of buy at NIS 8.180, with a NIS 10.503 target price. Click to Download Full Report Table: Financial overview Year to 31st Dec. 2008A 2009A 2010A 2011A Revenue (NIS 000s) 104,038 242,797 260,583 397,402 PBT (NIS 000s) 43,571 12,739 (8,520) 28,522 NAV/share1 (NIS)) 10.10 12.73 12.52 16.65 Discount to NAV 18.8% 35.6% 34.5% 50.8% Source: GECR and company Notes: 1 Based on 23,840,000 shares in issue Buy Target price NIS 10.503 Key data Price NIS* 8.180 52 week high/low NIS 11/NIS 6 Primary exchange TASE EPIC MSHR Shares in issue 23.84 m Market Cap £8.26m Sector Real Estate Exchange Rate** NIS 1 = £0.1618 NIS 1 = C$0.2590 * NIS – New Israeli Shekel ** Approximate Valuation NAV* NIS 433 m Net Debt* NIS 636 m * As at 31st March 2012 Affiliations: None Important: All disclaimer information can be found on the last page of the document

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