Harworth has made a strong start to 2021, with 54% of budgeted residential land sales for this year already secured. Progress has been made at Ironbridge with a final planning decision expected in the next few weeks. Net debt was up modestly reflecting acquisition activity, but the LTV remains low at 15% with liquidity to take advantage of any opportunities that may arise in the near term. We upgrade our target price by 11% to 161p and believe Harworth's focus on the attractive beds and sheds property sectors makes the business well placed to outperform. The shares now trade at a c.11% discount to spot EPRA NDV, compared to an average c.15% premium for our UK real estate coverage universe.
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