U+I’s FY21 NAV fell 30% y/y to 163p, 6% below our estimate. Performance was impacted by development and trading losses and a 15% LfL capital value decline in the Investment Portfolio. Positively, see-through net debt and gearing are materially reduced, thanks to disposals. The 100-day review is complete and the action points will create a simpler, leaner business with a better quality portfolio over time. We still think there is longer term value in the asset base. A strategy focused on turning assets into cash in the near term could help close the share price discount to NAV from here, currently 44% to March 2021 NAV.
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