We believe Empresaria shares are fundamentally mis-priced. The catalysts for revaluation are clearly evident in H115 results; earnings growth of 36% reflects encouraging organic growth (10% net fee income), momentum from significant office investment, improving conversion ratios driving the bottom line and rapidly contracting net debt. We believe the current rating of 7.9x is a reflection of historic perception rather than current trading and prospects. Improved understanding of the investmen
03 Sep 2015
Initiation of coverage: Catalytic conversion!
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Initiation of coverage: Catalytic conversion!
Empresaria Group plc (EMR:LON) | 36.5 0.4 2.8% | Mkt Cap: 18.2m
- Published:
03 Sep 2015 -
Author:
Ben Thefaut -
Pages:
16
We believe Empresaria shares are fundamentally mis-priced. The catalysts for revaluation are clearly evident in H115 results; earnings growth of 36% reflects encouraging organic growth (10% net fee income), momentum from significant office investment, improving conversion ratios driving the bottom line and rapidly contracting net debt. We believe the current rating of 7.9x is a reflection of historic perception rather than current trading and prospects. Improved understanding of the investmen