One More Thing:Shares in Origin Enterprises, a spin-off from successful Irish food group IAWS, begin trading on secondary markets in Dublin and London next Tuesday at €3 a share.
A report on the fledgling company, produced by NCB Stockbrokers on Wednesday, suggests that this could be a steal.
The stockbroker has forecast a 50 per cent upside to the float price based on the potential to squeeze extra value out of its land portfolio and on ratings attached to peers in its trading divisions. Origin's property portfolio has been valued at €164 million by the company. NCB says there could be a €100 million upside to this valuation, given the strategic nature of its 30-acre site close to Cork city and a 55-acre property that has commercial zoning in Naas, Co Kildare.
It says the extra property gains could give a 25 per cent lift to the share price.
Origin also has agribusiness activities, including fertiliser blending, marine proteins and animal feeds, and a food division comprising the Shamrock and Roma brands.
"We expect the stock to trade up to 12 times' earnings, excluding property," NCB said.
"This multiple is well underpinned by our analyses of peer group multiples internationally and suggests a 24 per cent uplift from this source alone."
NCB has set a price target of €4.50 and, not surprisingly, rated the stock a "buy".
