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10 September 2020
By Maynard Paton
First, a wealth warning.
The last price-to-book ‘bargain’ I looked at for SharePad was Hammerson.
Back then investors were in theory able to purchase £1 of assets for just 30p. The share price has since lost 75%.
A few tweaks to the same stock screen now leads me to Fuller, Smith & Turner.
This pub group has suffered during the pandemic, but sleuthing via SharePad reveals substantial freehold assets that the balance sheet may significantly undervalue.
This property backing may limit further downside as the group re-opens its pubs and aims to recover.