A rouble recovery from the anomalously weak year-end level, coupled with strong local market conditions has resulted in a substantial increase in NAV per share. Coupled with last week’s 14.8% share buyback removing the Woodford overhang and enhancing NAVPS further, we have increased our estimates considerably. With local market rental growth established and a more resilient Russian economy, we find the shares trading at a c.50% discount to NAV, when the fundamentals argue for a tighter discount ....
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- Published:
27 Aug 2019 -
Author:
Trevor Griffiths -
Pages:
3
A rouble recovery from the anomalously weak year-end level, coupled with strong local market conditions has resulted in a substantial increase in NAV per share. Coupled with last week’s 14.8% share buyback removing the Woodford overhang and enhancing NAVPS further, we have increased our estimates considerably. With local market rental growth established and a more resilient Russian economy, we find the shares trading at a c.50% discount to NAV, when the fundamentals argue for a tighter discount ....