A UK stock trading at 30% of its fair value

This stock currently trades at 0.7 x EV/FCF, 2.4x P/FCF and 1.1x TBV.

Every so often, a stock shows up that’s so cheap, it’s suspicious.

This one trades at just above tangible book and at 2.4x earnings (5Y FCF).

And while the free cash flow profile has been erratic, it's been consistently positive over the last twenty years (80% of the time).

More importantly, the market is ignoring both the earnings power and the asset base.

You’re essentially paying fair value for the liquidation assets and getting the business for free.

It’s not a high-flyer. It doesn’t promise growth. But it does offer real-world downside protection and a rational path to upside.

Let’s take a look…