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Investing.com - Jefferies initiated coverage on Henry Boot Plc (LON:BOOT) with a Buy rating and a price target of GBP2.62 on Monday.
The UK-based property development and construction company employs more than 500 people and operates across the United Kingdom (TADAWUL:4280), focusing on three key markets: urban development, industrial and logistics, and residential.
Henry Boot’s Hallam Land business is described by Jefferies as a "best-in-class land promotion business" that has facilitated 52,000 new homes since 1990 through joint ventures, typically with housebuilders.
The company currently trades at approximately 30% discount to its net asset value of 317 pence, and Jefferies believes it should be trading closer to its NAV.
Historically, Henry Boot has traded at a premium due to its strong track record in bringing forward zoned land for sale to regional housebuilders, though Jefferies views the premium as expensive at present.
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