Total income was largely unchanged last year at
Songbird is actually a holding company whose sole asset is a 69.3 per cent stake in
Broker Peel Hunt expects adjusted net asset value of 187p for 2012 (from 190p in 2011).
|SONGBIRD ESTATES (SBD)|
|ORD PRICE:||112p||MARKET VALUE:||£857m|
|TOUCH:||110-116p||12M HIGH:||161p||LOW: 102p|
|DIVIDEND YIELD:||nil||DEVELOPMENT PROPERTIES:||£292m|
|DISCOUNT TO NAV:||41%|
|INVEST PROPERTIES:||£4.51bn||NET DEBT:||£3.22bn|
|Year to 31 Dec||Net asset value (p)*||Pre-tax profit (£m)||Earnings per share (p)||Dividend per share (p)|
Songbird Estates has a mountain of debt and doesn't pay dividend. But that doesn't justify the deep discount at which the shares trade, compared to net assets – given the group's significant pipeline of new development opportunities. Buy.
Last IC view: Good value, 119p, 30 September 2011