Conygar Investment Company - Discount To NAV Still Significant

Conygar Investment Company Discount To NAV Still Significant Conygar Investment Company, the AIM listed real estate investment and development group, announced a further share buyback programme on 5th February 2013, where it can repurchase up to 4 million of its ordinary shares. While Conygar's shares have seen a minor re-rating in recent weeks, rising from c.90p at the start of January to 101.5p as at 7th February, we believe this buyback programme is in line with our view that the group remains materially undervalued. Based on NAV alone we see fair value in the shares of at least 150p. We reiterate our stance of buy. Click to Download Full Report Table: Financial overview Year to 31st Sept. 2009A 2010A 2011A 2012A Revenue (£000) 16,468 18,515 13,010 16,187 PBT (£000) 13,688 14,878 1,761 7,457 EPS (p) 31.51 11.57 0.98 5.60 NAV (p) 139.5 150.5 155.2 165.9 Dividend (p) 0.0 1.00 1.10 1.25 Source: GECR and company Buy Target price 150p Key data Share Price 101.50p 52 week high/low 102.75p / 82.00p Primary exchange AIM EPIC CIC Shares in issue 90.37m Market Cap £91.73m Sector Real Estate Investment     Valuation NAV / Share 165.9p Discounts to NAV 38.8% P / E 18.1 Dividend yield 1.23% Important: All disclaimer information can be found on the last page of the document

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