Hargreaves Services (LON: HSP) continues to trade at a large discount to NAV, while UK operations are growing. The property portfolio provides plenty of upside to the NAV.
Margins and profit improved in the first half. German associate company HRMS made an increased contribution in the first half, but the bumper conditions are unlikely to continue.
- Advertisement -
The share price is 438p, which is a 27% discount to NAV of 603p a share. That does include a small amount of goodwill, but that I more than offset by the fact that property assets are included at cost, and these could be much more valuable th...
