this year's half yearly accounts

I suspect that most people who buy companies like UOS do so on the basis of NTA (or historic growth in NTA),and based on their future outlook, rather than profit results, which can be very lumpy.

So whilst we know that UOS will book a half-year NPAT of A$61m (with current mcap of A$200m), the really important number is the NTA per share.

In their presentation to the market on 4th March this year, the NTA per share was $0.62. Current share price is $0.22, so trading at 35% of its NTA. And hardly any gearing, as they are largely self-funded.

But this NTA was backward-looking. Once we know the new number (and history has shown that UOS do not massage these number up with unrealistic 'fair value adjustments'), UOS may well be trading around a QUARTER of NTA.

This is, to be fair, a horribly-illiquid company. But very cheap, and very successful in growing shareholder value, year after year. Especially as property markets pick up. Bear in mind that this recent profit has been in the middle of the GFC!

Y