PPHE's FY20 results demonstrate how well management has managed operating costs and cash in what is described as 'the most testing year'. Management enters FY21 with a confident message on liquidity and its commitment to medium-term development plans. The success of vaccination roll-outs produces a more favourable outlook than for some time. Management points to an 'encouraging early uplift' in demand in the UK following the new timetable for easing restrictions and early signs of potential recovery in business-related custom later in the year. The shares continue to trade at a large discount, c 36% to the new and updated EPRA NRV of 2,208p/share.Den vollständigen Artikel lesen ...