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04 September 2019
By Maynard Paton
Buying a share at a discount to its book (or net asset) value ought to be the safest way of investing.
Indeed, what could go wrong if you can effectively buy assets worth £1 per share for, say, 50p?
The reality — sadly — is not always that simple.
Let me show you what I mean by using SharePad to evaluate Hammerson, a FTSE 250 real estate investment trust with net tangible assets of £5 billion and a market cap of only £1.6 billion .