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Align Research - 23 page buy note on Obtala - target price 30.52p

By Tom Winnifrith | Wednesday 10 May 2017

Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Ok, Align is paid to write research and we really do not always agree with what its eccentric boss Richard Jennings says and writes. But as we own a few shares in the company and agree with the thesis we are happy to republish this detailed note.

Jennings argues that Obtala (OBT) shares now trade at only a small premium to the value of the stake in Argento alone, priced per the recent fundraise. This implies the agriculture business, net cash & potential for expanding the timber business are being valued at just £1.2 million. His DCF model suggests fair value of 30.52p...

You can read the full note HERE

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