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BRIMSTONE INVESTMENT CORPORATION LIMITED - Voluntary Quarterly Intrinsic Net Asset Value (NAV) disclosure
Brimstone Investment Corporation Limited
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What this filing means
Brimstone's first-quarter update shows a 4.4% decline in total Intrinsic NAV to 945.1 cents per share, driven by weaker listed asset prices and higher net debt, though the shares maintain a substantial structural discount to this valuation.
Bull case
- The unlisted FPG Property Fund investment demonstrated strong resilience, with its valuation increasing by 17.2% to R492.4 million during the quarter.
- The company's 'N' Ordinary shares continue to trade at a substantial 43.4% discount to the reported Intrinsic NAV of 945.1 cents per share, providing a significant margin of safety.
Bear case
- Total Intrinsic NAV declined by 4.4% to R2.27 billion for the quarter, reflecting a downward trend in underlying asset values.
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