Oct 21, 2019
Capital & Counties/Brexit: Candy crush
Brexit gloom nevertheless engulfed its owner, Capital & Counties. CapCo's share price in August was half its level before the 2016 EU referendum. Capco has been dogged by its other big project, redeveloping Earl's Court in west London. Capco reported a net asset value of 315p a share in July. Applying a 10 per cent premium just to CapCo's trophy business would justify an offer of roughly 315p a share, even if nothing was paid for Earl's Court.
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