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22 Sept 2008
Bought Mallett at 78.90p
Price/Book =0.43
Price/(current assets - all liabilities) = 0.53
Since 1865 Mallett have grown to be the largest and most exclusive antiques business in the world with galleries in both London and New York.
Their share price had been around 250p in the last few years but since the start of 2007 (credit crunch) it has collapsed to below 80p and well below book value.
Of course the credit crunch will impact them but in the long run I expect them to return to a fair price of at least 150p.
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