Might be worth a look
ACCENTUATE PROVIDES services into the construction and infrastructure sector and it also handles some blending-related activities through its chemicals operations. At the time of writing, you buy the shares at between 68c and 73c/share, which is a significant discount to the 87c/share TNAV that the group had reported. One of the risks to the group is posed by the dominant contribution (78%) from subsidiary Floorworx, but on the f lip-side, Floorworx owns 70% of the f looring market.
Accentuate has a market capitalisation of around R85m/share, but management estimates that the replacement value of the East London Floorworx factory is somewhere nearer R500m, according to Keith McLachlan from Thebe Stockbroking. Obviously the accountants don’t share this view or it would be reported on in the audited financials – maybe they will account for it differently for the full year – but there may be some value here.