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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (63439)	3/16/2020 5:23:56 AM
From: Nya_Quy	Read Replies (1) of 78777

I am doubling down on Wereldhave ( WHA): their 66% stake in the public company Wereldhave Belgium ( WEHB) is now worth more than WHA's market cap, i.e. €330 and €325, respectively! And for some reason WHA keeps dropping hard. Is this irrationality? I think so, as about three quarters of the company: the French and Dutch assets/cash flows are to be "bought" for free now. These assets represent 80% of total investment properties in operation and 80% of operating results (ex result on disposals). Dividend will be €1.75 next year, i.e. more than 22% at current share prices of €7.95. I spot limited downside at these prices, EPRA NAV is at €33 (that is after already huge write-offs that occurred this year), hence a potentially huge upside, while getting some nice bulk of shekels in the mean time. I - AM - BUYING. -- Nya -- P.S. I have only seen these kind of situations, i.e. some company having a portfolio worth more than the market value of the company itself, in books. Am I dreaming?

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