That’s one reason why I still believe there is significant hidden value in the shares of Aim-traded resource investment company Polo Resources (POL: 22.25p), a company I selected as one of my Bargain shares of 2013. It has been frustrating holding to date as the share price discount to net asset value is as wide as ever. To put the extent of Polo's undervaluation into some perspective, at the end of June the company was sitting on short-term investments, cash and receivables of 6.4p a share, or 29 per cent of its current share price of 21.75p. Strip those liquid resources out from the company's book value of 36p a share, and assets worth 29.6p a share are in effect being valued at only 15.85p, or almost half their carrying value in Polo's latest accounts.
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