AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

MyHotelMatch

CR
Bloomberg   MHM FP
Travel Services  /  France  Web Site   |   Investors Relation
Creating the hotel matching market against Booking.com
Target
Upside 176%
Price (€) 0.02
Market Cap (€M) 3.80
Perf. 1W: 11.5%
Perf. 1M: -4.40%
Perf. 3M: -3.33%
Perf Ytd: 3.57%
10 day relative perf. to stoxx600: 4.16%
20 day relative perf. to stoxx600: -9.96%
Initiation cov.02/01/2018

A big bet on the Grand Paris development project

Foncière Paris Nord is a property company with a single property asset that benefits most from the giant redevelopment of Paris’s northern suburbs (Grand Paris development project).

This project, which encompasses more than 80 000 sqm of new housing, has yet to be financed but is situated close to the new circular metro system due to open by 2023. In addition, it is close to the hub of the Paris 2024 Olympic Games which acts as a catalyst for a speedy development.

The project value is such that it should warrant a recapitalisation of FPN whose current liquidity is entirely dependent on its first shareholder.

The FPN share must be regarded as a call option on the project. It is a risk proposition. The valuation is seen at €0.08/share, should the project go to completion and assuming the full exercise of existing warrants.


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