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%