Orco (2 311 CZK, -5,67%) holds Analyst and Investor Day in Prague today and tomorrow.Our view: We believe that the timing of this event is well scheduled as the real estate stocks including Orco have been under pressure for some time, which was accentuated in the past few days when the investors were liquidating their positions. Although we believe that this event could wipe out some of the investor concerns related towards Orco and will provide updated strategy on its activities, the more significant positive effect in this adverse environment could be limited, nonetheless Orco currently trades at trailing P/NAV of 0.73x, which we see as unjustified.