J Smart – its Cash, Land and Shares Division, and its Construction Division

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J Smart (LSE:SMJ), as well as holding a large portfolio of industrial units and offices to rent out has money stored in bank accounts, in stock market shares, in land and in half-finished buildings.  I regard this capital allocation as if it were to a business largely separate from the core property holding division (see yesterday’s newsletter).  Most of this money could be paid out to shareholders without much impact on the investment property holding division.

You can see from the table that the cash pile is very large, at £23.1m, for a business with a market capitalisation of £1.253 x 42.4 shares = £53m.  It also has £0.9m in shares and another £4.2m in land.   Working in progress property developments chip in another £1.9m.

Even after deducting an overdraft of £10.1m the company is left with £20m in these fully, or fairly, liquid assets.

£000s   2020   2019   2018   2017   2016   2015   2014   2013
Cash 23,118 25,699 23,586 26,524 26,785 26,047 16,802 15,157
Less overdraft -10,104 -12,860 -11,858 -8,791 -12,628 -12,724 -8,732 -9,664
Net funds 13,014 12,839 11,728 17,733 14,157 13,323 8,070 5,493
Deposits of cash 48 48 48 2,536 5,519 3,502 0 0
Listed company shares 886 1,309 1,099 1,000 326 337 0 3,817
Land held for development 4,195 354 972 2,372 1,953 1,908 1,796 1,708
Work in progress 1,863 8,193 7,641 172 420 3,402 3,683 11,644
TOTAL 20,006 22,743 21,488 23,813 22,375 22,472 13,549 22,662

(Land held………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1

 

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