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[sharechat] SAN


From: "Rob Shearer" <robere@xtra.co.nz>
Date: Sun, 20 Jul 2003 20:23:32 +1200


Having a look at Sanford (SAN) lately on the back of its share decline from a high of $5.83 (28MAY03) to its current low of $4.80, not far off its 52 week low of $4.66.

 

 

Anyhow NTA of $4.19 (my calcs)

Price/NTA of 1.14

 

Valuation of the fishing quota (Assets) in the 2002 report is $240M.

 

 

There possibly is an argument that the fishing quota is undervalued by a significant amount (say 200M) giving it a Price/NTA of .71 or a discount to share price of over 30%.  The under valuation is based on a conversation with someone who knows the fishing industry. Throw in some other indicators:

 

Dividend Yield 5%

Current ratio 3.8

P/E 12

 

 

Could be a good buy if it share price continues to fall.

 

Any techies got anything to add on the price trend?

 

 

 

 

 
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