15 July 2021
By Maynard Paton
Results summary for Mountview Estates (MTVW):
- A respectable performance supported by a remarkable H2 comeback, with full-year profit up 5% after declining 18% during a pandemic-disrupted H1.
- Property sales realising a welcome 1.55x premium to their 2014 valuation alongside the first dividend lift for three years suggest favourable near-term trading.
- A small text change to AGM-related statements imply some unhappy shareholders have started to engage with management.
- Debt of £22m stands at a 21-year low and represents just 5% of the £398m property estate.
- Book value inched to a record £101 per share, although my calculations still point to a balance sheet inherently worth beyond £200 per share. I continue to hold.