EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Net Lease Office Properties (NLOP)

Real Estate

BWS Financial

A contrarian deep value asset story - NLOP is trading at a fraction of its book value as the company gets lumped into the negative investor sentiment towards office buildings. It was created and spun out of WP Carey to oversee the liquidation of 59 office properties, but the timing could not have been any worse. News headlines of commercial real estate being sold at materially less than the prior purchase are a regular occurrence. However, NLOP is not in a rush to liquidate its portfolio and nearly every property has a single tenant tied to a long-term lease agreement. Investors can enjoy a dividend of >5% while waiting for additional asset sales. TP $60 (130% upside).

Edition: 180

- 23 February, 2024