15 December 2024
It is a UK small-cap stock that trades at c. 40-50% discount to its sum-of-the-parts valuation. Management, which, together with the board, owns over 10% of the company, has set a target to improve shareholder returns and achieve a better company valuation, raising dividends and considering buyback if the share price does not grow. The business has been historically involved in coal and other commodities. It is now transforming into a more capital-light business, disposing of its vast land bank and potentially other assets.