Smiths City shares climb 8% after Edison report says stock undervalued

Wed, 27 Aug 2014

By Suze Metherell Aug. 27 (BusinessDesk) - Shares of Smiths City Group climbed 8 percent after a report by Edison Investment Research said the furnishing and appliance store's plans to expand to the North Island hold promise, and the stock is undervalued relative to its peers. Edison puts fair value on the company at 83 cents per share, valuing Smiths City at $44 million. That's a 69 percent premium to the 49 cents the shares were trading at before the release of the report, which was compiled at the Christchurch-based company's request....

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