Orco Property group
Hi all,
What do you think about the health and the future of the Orco Property Group : will they survive this crisis ?
What do you think about the health and the future of the Orco Property Group : will they survive this crisis ?
Replies to This Discussion
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Permalink Reply by Rutger Nooij on -
Hi Julien,
I believe Orco to be an interesting investment opportunity at current share price levels of about EUR 5,30/share. Why?
For starters, the shares are trading at some discount, with published NAV (ult2008) around EUR 42 per share. I know, you shouldn't blind yourself staring at the discount. Especially in the case of Orco, that has a substantial development portfolio that can be a real dead burden. However, I see two positive signals: 1) Orco has obtained a socalled safeguard procedure, protecting their assets from creditors; 2) Orco is restructuring, focussing on cash flow, selling development assets, optimising rental income etc. This is key in the current market circumstances.
When Orco proves to be successfull at cutting back on developments and hospitality business and focus on their core investment (rental) assets and the quality of their cash flow they will be able to survive and even florish.
What do you think?
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