Companies: TTH   

If you are still in bingo chain Top Ten Holdings – recommended here four years ago at 155p and now 37p – don’t give up. While the bingo business has been hit by the double-whammy of the smoking ban and new gaming legislation that restricts the number of one-armed bandits per club, Top Ten is still sitting on a lot of property.

The current market capitalisation is just £9.4 million. Net assets are £23.7 million, though that includes £16.5 million of goodwill. Net off that goodwill and you emerge with £7.2 million. However, the company has been selling off the more marginal clubs at up to twice book value, so there is quite a lot of hidden value there. On top of that, Top Ten has claims against the tax authorities for £8 million – though some of that looks pretty speculative. Hold.