Institutional Analyst: Special Situation Research
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Our latest find, UNR Holdings inc., (UNRH) $1.55, on a valuation basis, is quite possibly the single most undervalued company, we have ever initiated coverage on. We are so excited about the company and its prospects we have retained them as a client, with plans to introduce management to the investment community. Currently there is no coverage on Wall Street, a situation we believe is destined to change, given time, our efforts and continued excellent operating performance.
On April 19th, the company reported revenues ending December 31st, 2011 of $230 million and net income of $26.5 million. This represents a sales increase of 64.5% and an earnings increase of 63.5%. On a per share basis, earnings were $1.08. With a book value of $2.66, the company’s shares are trading at a near unheard price-to-earnings ratio just over 1X and a near 50% discount to book value (as reported by Standard & Poor’s Research). We believe this gross level of undervaluation, has been created by the virtue of the majority of its operating activities being conducted overseas and having achieved its US share listing -- without the aid of a major bracket investment banker.