A 62% discount to gross asset value is a huge headroom for the investor that provides lots of safety in the investment.
Entry price equivalent to €180 ($212) per buildable square meter which is absurdly low.
Controlling shareholders could be aligned for a value recovery strategy that focuses on dividend payback which could become a very profitable strategy for the investor at these prices.
Metrovacesa (OTC:MRVCF) is a Spanish residential developer company with more than 36,000 residential units in its land bank. Its market cap is c. €910 million ($1,075M) at the current price of €6 ($7.1)