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Tuesday, December 4, 2012

Conygar Investment Company - Positive Preliminary Results

Conygar Investment Company

Positive Preliminary Results

  • Conygar Investment Company, the AIM listed real estate investment and development group, announced preliminary results for the year ended 30th September 2012 on 29th November.
  • Highlights include a 7% increase in net assets per share to 165.9p, and a significant increase in PBT from £1.8m to £7.5m.
  • We believe the current value of Conygar’s shares is at a complete disparity with the basic and EPRA NAV – the current discount to basic NAV is 46.1% - without even accounting for the 2012 earnings yield of 6.3%.
  • We reiterate our stance of Buy with an upgraded 150p target price.

Click to Download Full Report

Table: Financial overview
Year to 30th Sep.
2009A
2010A
2011A
2012A
Revenue (£m)
16,468
18,515
13,010
16,187
PBT(£m)
13,688
14,878
1,761
7,457
EPS* (p)
31.51
11.57
0.98
5.6
Dividend (p)
0.00
1.00
1.1
1.25
NAV (p)
139.5
150.5
155.2
165.9

Source: GECR and company

Buy
Target price
150p
Key data
Share Price
89.5p
52 week high/low
99p / 82p
Primary exchange
AIM
EPIC
CIC
Shares in issue
92.83m
Market Cap
£83.08m
Sector
Real Estate Investment
Valuation
NAV/Share
165.9p
Discount to NAV
46.1%
P/E
16.0
Dividend yield
1.4%



Analyst details

Andrew Noone
+44 (0)207 562 3361 andrew.noone@gecr.co.uk

Emanuil Manos Halicioglu
+44 (0)207 562 3368 emanuil.halicioglu@gecr.co.uk

Affiliations: None

Important: All disclaimer information can be found on the last page of the document



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