BUY: ARGENT INDUSTRIALShare price: 400cJSE code: ARTARGENT is the classic "deep value" play, but with a difference — Argent, unlike other industrial counters that trade at deep discounts to tangible value, is consistently profitable, has a relatively unstressed balance sheet, churns reliable cash flows and (wait for it) pays dividends.After the release of solid results for the year to the end of March, Argent’s shares trade on a trailing earnings multiple of close to six and offer a rather nifty dividend yield of 4,5%. Cash flows from operations equate to over 100c/share, which suggests that there is a reassuring performance underpin to the stated net asset value of just over R13/share. IM estimates tangible NAV lower, at R11/share, but this still means that the share price is offering a huge discount.Detractors might argue that, aside from selling off a few noncore properties, Argent has not done enough to unlock the underlying value for shareholders. That argument is not completel...
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