Minoan - Initiation of Coverage
Crystallisation of value created at a vast 5,500 acre world class holiday resort in the Med with outline planning permission now imminent
Minoan Group joined AIM in 2007 to further its project on the Cavo Sidero peninsular in Crete. Amongst other things, holiday makers visit the Greek islands for the relaxed pace of life. Investors have got to admire the stamina and tenacity of the board, led by Executive Chairman Christopher Egleton who, for more than 10 years, has navigated this project through the Greek system to emerge, finally, triumphant in June 2017.
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Upmarket resort project designed to be the most sustainable in Europe
This large Crete holiday resort project is being rapidly advanced further through the planning and development process, adding more value. Management are now sensibly seeking to crystallise the large value that has been created by bringing onboard operational and financial partners.
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Crete has the best climate in Greece and a shortage of upscale resorts
Problems in the sea and sun destinations of Turkey and Egypt have led to record levels of tourism in Crete, which sits far away from the migrant route. The project lies on an unspoilt peninsular which is a unique location in which to build a modern low density upmarket integrated resort.
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Travel & Leisure division being sold off to allow Minoan to be debt free
With issues being dragged out in the Greek courts, the board embarked on a buy and build strategy to create a niche travel agency business to support the company and help finance the cost of driving the Crete Project forward.
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Our conservative valuation suggests an upside of more than 197%
Peer comparisons provide a conservative valuation. We initiate coverage of Minoan Group with a target price of 18.6p and Conviction Buy stance.
Minoan Group is a holding and management company of a group involved in the design, creation, development and management of hotels and resorts and in the operation of independent travel businesses, through which the group acts as agent in providing a range of services including, inter alia, transportation, hotel and other accommodation and leisure services. Co. is organized into three divisions both by business segment and geographical location: the luxury resorts division, being the development of a resort in Crete; the Travel and Leisure division (U.K.), being the operation and management of the travel businesses; and the corporate development division (U.K.).
Align Research is a commissioned research company founded in November 2015 in order to provide the under-served smaller company space with high quality analysis. We have an initial focus on the natural resources sector, in which we see significant opportunities given the current once in a generation bear market, however all undervalued small caps (sub £100m) are considered by our team. Align was founded by industry professionals with decades of experience in the stock markets, headed up by highly qualified individuals from both fund management and analytical backgrounds.
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