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100p uplift: Hargreaves Services’ planning joy
The granting last week of planning permission to convert an old mine site into a property development adds 100p to Hargreaves Services’ (HSP:AIM) net asset value, says N+1 Singer.
The broker’s new intrinsic value for the business is now 460p which compares to the trading price of 333.5p as of 4 April 2017.
Last August Hargreaves said it had amassed an 18,500 acre portfolio of property which included a range of agricultural and development land.
It has been working on this portfolio to clean up the land and try and extract significant value through a mix of property, industrial and energy developments.