National Storage (NSR)
Hi MM. I remember Renee Rivkin advising never to accept the first offer. Do you agree and with respect to NSR, what price would consider a time to take profits. Cheers Alain
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Answer
Hi Alain,
We wouldn’t necessarily agree with Mr Rivkin, the likes of Ramsay (RHC) and Bapcor (BAP) should have grabbed early bids in recent years with both hands rather than claimed they undervalued the business.
It comes down to price/value, in the case of NSR, which MM owns in its Active Growth and Income Portfolios, we believe $2.86 is a fair price representing an ~11% premium to June 30 NTA.
- At this stage, the process looks on track for this deal to proceed at $2.86 hence we would want ~$2.80 to take our money early.
