Despite the disposal of 229 PRS units, we retain our FY estimates as the sales were already reflected in forecasts. It does, however, highlight the underlying attractiveness of Dublin as an investor market – this is Cairn’s 4 th PRS disposal, and Cairn’s 2 nd to Carysfort Capital. The stock trades on 1.3x price to book which implies 23% upside. We would further argue that the book value underrepresents the true asset value.
13 Jan 2020
Forecasts unchanged
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Forecasts unchanged
Cairn Homes PLC (CRN:LON) | 138 4.1 2.2% | Mkt Cap: 893.8m
- Published:
13 Jan 2020 -
Author:
Andy Murphy -
Pages:
3
Despite the disposal of 229 PRS units, we retain our FY estimates as the sales were already reflected in forecasts. It does, however, highlight the underlying attractiveness of Dublin as an investor market – this is Cairn’s 4 th PRS disposal, and Cairn’s 2 nd to Carysfort Capital. The stock trades on 1.3x price to book which implies 23% upside. We would further argue that the book value underrepresents the true asset value.