Orco’s NAV jumps by 43% y/y in 2005

Orco reports its NAV for 2005 reached EUR 49 per share based on an independent valuation by DTZ. The figure is larger than the previous guidance of approximately EUR 40 per share and the market’s expectation of approx. EUR 42-43 per share. The NAV per share is based on a total of 6,781,578 shares, as opposed to 4,622,821 last year. The NAV growth surpassed our expectation and may further support Orco’s share price despite its 10% growth over the last two days. We are currently revising our recommendation on the stock. Currently Orco trades at a multiple of 1.4 its 2005 NAV.

NAV Contribution		
Geographical	Contribution	Business Segment	Contribution
Czech Republic		60%	Property		37%
Hungary			20%	Development	35.5%
Poland			10%	Hotels	17%
Croatia			5%	Extended Stay	10.50%
Germany			3%		
Slovakia		2%