Home > Blog > Research > Research Report: Grand Harbour Marina plc – Interim update
Update to Price Target and Investment Stance:
We have revisited our valuation model on Grand Harbour Marina plc (“GHM” or the “Company”) and we maintain our Sell recommendation, with a downgraded 12-month price target of €0.49 from our previous target of €0.64. The liquidity risk on the stock remains our major concern, where during the past year the stock only traded 23 times, the volume of which represents 1.2% of the current market cap. This is substantiated by the current bid-ask spread of around 17%. In our valuation model, we are pricing in a substantial increase in net profit, increasing by 2.7x by FY 2022 from the LTM 2019 financial results. This is attributable to the Company’s Grand Harbour marina reconfiguration project, which will enable GHM to better utilise the marina in terms of berths space. GHM’s foreign investment is underperforming and the situation is unlikely to improve in the short term given Turkey’s political and economic turmoi

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