nncalc
09 Jan 2015
Discount 22% This share currently stands at a discount of 40p per share, taking sp as 184 and nav as 224. My interest is aroused by seeing that around 30p a share is in boring pref shares producing a yield of over 6% and helping support the dividend. I think it is reasonable to value the prefs at full price (or zero discount) as I think they are still undervalued in an era of ultra low interest rates. This leaves the share portfolio of 194p priced at 154p, giving a discount of 22%. It is a tiny company with a market cap of £40m and some interesting holdings in the portfolio. Not ready to commit the family fortune but I have made a cautious purchase. The company has just increased the quarterly div to encourage me.
