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Dolphin Capital Advances on Panmure Gordon Pick: London Mover

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Jan. 3 (Bloomberg) -- Dolphin Capital Investors Ltd., a developer of holiday and golf resorts in southeast Europe, the Caribbean and central America, rose the most in 11 weeks after Panmure Gordon predicted the shares will double in 2013.

The shares gained 4.7 percent to 27.6 pence, the biggest intraday advance since Oct. 16 and the highest price since Nov. 14. The stock has risen 49 percent over the past six months. It was the second-best performer in the AIM 100 Index.

“The shares continue to trade on an anomalous 71 percent discount to net asset value” even after the company reported “significant developments” across its portfolio, Mark Hughes, an analyst at Panmure Gordon & Co. said in a note to clients today. “Dolphin Capital is our key small cap pick for 2013.” Hughes has a buy recommendation on the stock.

Dolphin raised 50 million euros ($65.6 million) in a share sale in October. One of the company’s Porto Heli projects in the Greek Peloponnese opened to guests, the company said last month, while the first golf course at its Venus Rock resort in Cyprus is due to open in September.

Dolphin is in a much stronger financial position than many other real estate companies that trade at less than the value of their assets, with debts representing 16 percent of the value of its properties and other assets, Hughes said.

“This level of discount represents a significant anomaly,” he said. “We expect the discount to narrow significantly over the coming months.”

To contact the reporter on this story: Peter Woodifield in Edinburgh at pwoodifield@bloomberg.net

To contact the editor responsible for this story: Douglas Lytle at dlytle@bloomberg.net

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