Conygar Investment Company - Trading at a 30% Discount to NAV

Conygar Investment Company Trading at a 30% Discount to NAV Conygar Investment Company, the AIM listed real estate investment and development group, announced FY2013 interim results on 23rd May. Highlights included net property income growth of 4.8% y-o-y, and NAV per share grew from 165.9p at 30th September 2012 to 166.1p at 31st March 2013. Despite a recent re-rating of the shares, we maintain our view that the company remains undervalued, currently trading at a 30% discount to NAV. We reiterate our stance of buy with an upgraded 165p target price. 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 165p Key data Share Price 116.00p 52 week high/low 124.75p / 82.00p Primary exchange AIM EPIC CIC Shares in issue 89.72m Market Cap £104.08m Sector Real Estate Investment     Valuation NAV / Share 166.1p Discounts to NAV 30.2% P / E 20.7 Dividend yield 1.1% Important: All disclaimer information can be found on the last page of the document

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