- Spot NAV of £110mn (20p)
- £59mn portfolio valuation at latest prices
- £50mn net cash equates to two-thirds of market capitalisation of £75.5mn
- 31 per cent share price discount to NAV
- Portfolio (ex-cash) valued on less than half underlying value
Logistics Development Group (LDG:13.9p), an investment company managed by asset management firm DBay, has made small additions to its portfolio in the first half of this year but has mainly kept its powder dry. That’s a sensible tactic given the general market backdrop.
The company follows a value investing approach, and invests in listed equities across Europe, as well as in private-equity-style control investments – wherein the buyer, as the name implies, takes a controlling stake. They are made primarily in undervalued companies, with a focus on those that generate or have the potential to generate significant cash flows, where there is a high degree of revenue visibility and a strong and distinctive market position.