Argo Real Estate Opportunities Fund is a property investment company that is now managing 5 out-of/edge-of-town shopping centres in Romania and the Ukraine.
AREOF's last reported interim results for 2010/11 showed that it has moved into profit at both operating and pre-tax levels.
The shares currently stand at a 43% discount to Net Asset Value. We consider this excessive, and set a fair value target for the shares of Euro 8.5c.
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