Nitor Capital
Long/short equity, value, special situations, deep value

Morguard Corp: A Diverse High Quality Real Estate Portfolio That Sells At A 50% Discount

(Editors' Note: Morguard Corp. also trades on the Toronto exchange, symbol MRC.TO, with average daily volume of C$390,000.)

Morguard Corp. (OTC:MRCBF)

Current Price Per Share: $129.00

Market Value of Equity: $1.61 billion (CAD)

Enterprise Value: $3.7 billion

Book Value: $2.35 billion

Morguard Corp. is a Canadian based real estate corporation (not a REIT) that offers a rarity in today's market; A high quality company selling at an extreme discount to Net Asset Value (NAV).

Morguard has valuable real estate assets (60% in Canada, 40% in US) and is not in any sort of financial distress. In addition to its owned real estate, Morguard also has a significant interest in two REITs (Morguard REIT (OTC:MGRUF) & Morguard...

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