A detailed analysis of Separdis (Maskan Pardis Investment) interim statements: revenue fell 44% yet the margin jumped to 59%, operating cash flow turned negative, and receivables and stalled projects rose. The key point, though, is the hidden asset: with 100% housing inflation, the current value of the property inventory and the 115-hectare Pardis land is far above book, and the share likely trades at a 30% to 50% discount to NAV. Neutral, with no buy or sell recommendation.
