Updates

Black Sea Properties - Numis sets 35p share price target

April 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Black Sea, which specialises in financing ‘off plan’ properties in Bulgaria, has acquired 143,314 sq metres of development land in Byala, 50kms south of Varna on the Black Sea Coast. It intends to develop a luxury apartment complex through a joint venture with the vendor, The Bulgarian Property Investment Trust. It has paid Eu8.6m or Eu60 per sq m for the land and the implication is that Black Sea is buying at a near 30% discount to the developed price including construction costs. Numis recently stated (at 25.5p) that the shares stand at a 14.5% discount to its net asset value and, of course, Black Sea will revalue its assets as the various build projects progress. Based on deals done to date, the broker has set a 12-month 3 ...

To access our archive of articles and to receive current issues you need to subscribe.

Subscribe now

Already a subscriber? Login

NSB - Strong growth in software licences

Wilmington - Further acquisitions should excite

Black Sea Property Fund (February 2007)

Black Sea Properties (February 2006)

Black Sea Properties - Fifth development agreement (November 2005)

Black Sea Property - NAV rises to 27.5p (August 2005)

Black Sea Property Fund - Geared Bulgarian property play (April 2005)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X