Wed 16 July 2025 - Paul Scott's Small/Mid Cap Value Report

Alun's Snapshot at 07:44. v1 summary table at 07:51. Starters: Mains: ASLI, MCB, CRL, CRW, CNS

Good morning from the whole team - Paul, Dave, Jon, and Alun! (and an ASLI update from Was)

Result of today’s reader vote

Please note that we covered both Bloomsbury and Cohort with summary table entries before 8am, so there were a couple of nice trades for you there today! There’s nothing more to add, hence why no detailed sections on those, all necessary info is already in the summary table.

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Prices here have now gone up, to include VAT. So it’s now £12 per month, or £120 pa, including VAT (for annual renewals, which start in Nov 2025). Hopefully you agree it’s still excellent value for money! Obviously I don’t get any benefit from the price rise, it’s purely to collect VAT, for our marvellous Government to spend on essential services.

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abrdn European Logistics Income (ASLI)

Was Shakoor has just kindly sent through another update on ASLI (following his original article here in Nov 2024, which is working out as planned) -

Things are starting to accelerate with ASLI cash returns now, as well as asset sales.

Today’s news is here

Two warehouses have been sold for €34.7m, but this time for a slightly disappointing 3% discount to NAV. Last week's announcement was for €66.5m worth of sales at a 10% premium to NAV, which caused me to plan for full NAV of 73p/share being achievable as wind-down proceeds.

I'm going to stick with 73p/share total return as a target but remember we have already had dividends and a 4p/share capital return since my original article.

There's no point in trying to be too precise so I like to leave a certain margin of safety, but I still think we'll get 73p/share, given last week's announcement. There will be swings and roundabouts in terms of prices achieved for assets sold.

It's also worth bearing in mind that the Euro has gone significantly in ASLI's favour, which is just dumb luck in terms of my initial analysis. That alone added 3p/share to NAV but it could just as easily have gone the other way.

The most important point from today's announcement is that ASLI is returning cash of about 12p/share within a month. Including dividends, that should mean 18.5p total cash return by 13 August 2025 since the original article on 2 December 2024.

Many thanks to Was for this latest update on ASLI.

End of free section.

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