Another positive update from Cambria drives a 9% upgrade vs forecasts that were upgraded 13% in May. Forecast delivery and EBITDA margin stand-out clearly against the sub-sector, yet the stock trades in line with the peer group on just 5.4x P/E and at a 35% discount to well underpinned property value. Our formal estimate of fair value increases to 98p (10x P/E). On a theoretical ex-property basis, which captures both asset as well as earnings value, this would increase to 125p (135% TSR).
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Class act in sector with further potential
- Published:
04 Sep 2019 -
Author:
Matthew McEachran -
Pages:
3
Another positive update from Cambria drives a 9% upgrade vs forecasts that were upgraded 13% in May. Forecast delivery and EBITDA margin stand-out clearly against the sub-sector, yet the stock trades in line with the peer group on just 5.4x P/E and at a 35% discount to well underpinned property value. Our formal estimate of fair value increases to 98p (10x P/E). On a theoretical ex-property basis, which captures both asset as well as earnings value, this would increase to 125p (135% TSR).