Orion Capital's Simon Francis discusses his recent note on Emmerson PLC (AIM:EML).
The company's developing the Khemisset potash project in Morocco. Francis says based on the project being approved, financed and a year or so out from cash flow he would expect EML to trade at 30% or more of its net present value - the stock is currently trading at around 3%.
He adds that Khemisset will supply a key commodity, over multiple decades and at a comparatively low cost.