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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Grainger Plc | GRI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 2.50 | 0.97% | 259.00 | 16:35:28 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 257.50 | 256.00 | 260.50 | 259.00 | 256.50 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT & SERVICES |
| Top Posts |
|---|
Posted at 04/7/2023 08:12 by giltedge1 PRS had a good write up in IC, should also apply to GRI. GRI better in respect of more South East orientation, I think lowish yield puts off some investors, but making good strides in improving portfolio(selling old & building new energy efficient homes) & great locations. Joint venture with TFL right next to stations. I think yield will improve next few years as well. |
Posted at 22/3/2023 19:59 by viscount1 I think it's caught up in the poor sentiment on UK interest rates and the housing market. Good time to get in for long-term investors. |
Posted at 17/2/2022 15:19 by km18 Grainger is currently offering rental home services, signifying that the firm is a provider, designer, owner and operator of rental homes across the UK. Given the plausible and diversified funding structure, the group derived an attractive PRS portfolio growth of 97%. This evidence is supported by the robust £1.9bn pipeline, which is expected to deliver further growth in recurring earnings, as net rental income is likely to be 2.5 times over the medium term, since the firm is trading ahead of market expectations. Subsequently, the firm was able to finance its operating and investing activities more effectively with respect to the previous year, as illustrated from the concise P/FCF ratio of 12.8. Furthermore, Grainger has capitalised on these opportunities and optimised its financing activities, allowing the firm to provide a relatively high and plausible dividend yield of 6.4% while enabling investors to optimise returns on investment.Keep up to date with WealthOracle AM |
Posted at 23/7/2021 10:54 by tomps2 PIWORLD interview with Paul Jourdan, Amati Global Investors mentions Grainger (GRI) at 20m33s see here:Video: Podcast: |
Posted at 03/1/2020 15:45 by paleje IC have them as one of their Tips of the Week.IC Tip: Buy at 302p Tip style GROWTH Risk rating MEDIUM Timescale LONG TERM Bull points Rental income growing Rising demand for rented homes Takeover potential Shares trade below forecast NAV Bear points Exposure to UK housing market Slim dividend yield By Emma Powell Grainger (GRI) reached a pivotal moment in its evolution into private rental developer and landlord at the end of last year. The value of its private rental assets surpassed that of its portfolio of regulated tenancy homes following 2018’s £396m acquisition of the remaining 75 per cent stake in GRIP real estate investment trust that it did not already own. That means the group is forecast to earn more money from rental income than lumpier trading profits, which are generated from development work and selling vacated regulated-tenancy homes. This is particularly pertinent against the backdrop of weakening sales transaction volumes. GRI:LSE Grainger PLC 1mth Today change -0.50% Price (GBP) 312.42 The affordability challenges of buying a home have driven demand for private rented sector (PRS) homes, which accounted for 20.6 per cent of UK households in 2019, according to research by the Office for National Statistics, up from 13 per cent in 2007. That figure is forecast by estate agency Knight Frank to rise to 22 per cent by 2023. High demand for Grainger’s PRS assets is evident in an occupancy rate of 97.5 per cent as of the end of September. That – coupled with rent reviews on its regulated tenancies – helped boost rental income on a like-for-like basis by 3.6 per cent. The rate of underlying rental growth for the PRS portfolio accelerated to 3.4 per cent last year, up from 3 per cent in 2018. Grainger’s PRS portfolio consists of 5,597 homes, representing 58 per cent of the total asset base. This is expected to grow to 76 per cent if all 9,104 homes in the pipeline are built. The group aims to secure rental income at gross yields on cost of between 6 and 7.5 per cent on that pipeline. Around 1,000 of these homes are expected to be delivered in 2020, which would add £6m in annual rental income. A joint venture with Transport for London, established last year, could result in the group providing an additional 3,000 homes – and gaining £24m in annual rental income – by 2025. In total, the pipeline has the potential to lift net rent by 141 per cent to £169m at an estimated development cost of £2bn. Deriving a greater proportion of income from rent, rather than from selling homes, should also feed through to greater dividend payments, given management has pledged to pay out 50 per cent of net rental income to shareholders each year. Analysts at Panmure Gordon forecast an annual dividend of 8.2p a share by 2022, 58 per cent higher than last year and representing a 2.7 per cent yield. This is based on net rental income reaching around £100m that year, against trading profits of £67m. That shift should also increase the security of dividend payments, although the company will still have exposure to the fortunes of the UK residential housing market. Profits from property disposals were down 17 per cent last year, although management said that was due to a lower vacancy rate, with the time it took for properties to sell stable at 111 days. The final ‘development for sale’ contract was completed last year, and Grainger will now focus on developing investment assets to retain for the long term. These assets are typically built by third-party developers and forward-funded by Grainger, which makes building less capital intensive. In an environment where interest rates show no sign of being raised in the near term, institutional investors searching for yield have flocked to the UK’s private rented sector, seeing opportunity in the chronic lack of rental housing stock. By the end of June 143,000 homes were completed or in planning, according to research by Savills, up from just 15,000 in the pipeline at the start of 2013. Given Grainger’s existing PRS management platform and expertise, that could make the group a potential takeover target for a large global institutional investor. The sector has already grabbed the attention of CBRE, the world’s largest real estate services group, after it entered the PRS market in July by agreeing the £267m takeover of Telford Homes, a housebuilder that had shifted its focus from building homes for private sale to constructing rental developments for large investors. |
Posted at 30/5/2017 08:59 by shauney2 Crystal Amber have gone below 3%From citywire UK activist investor Richard Bernstein reduced his holding in the UK’s largest listed residential landlord Grainger (GRI), which recently reported a 39% jump in earnings growth, benefiting from record levels of renting. Bernstein and co-manager Jonathan Marsh reduced their stake to below 3% of the business. The company’s share price is up 19.5% over the last six months. The shares are held in their £214.5 million Crystal Amber fund. Grainger recorded a 13% rise in pre-tax profits in the six months to 31 March to £41.2 million, from £36.6 million year-on-year. In its half-year results, CEO Helen Gordon said the company is expecting to complete a new private rental sector building every two months over the next year and has secured £439 million from a total £850 million target set for 2020. She added: ‘Our strategy to grow rents and simplify and focus the business puts Grainger in a strong position to deliver further sustainable income led growth.’ |
Posted at 25/9/2015 10:41 by shauney2 Share price looking very firm.An interesting take on Grainger from activist investors Crystal Amber who hold a 3.45 stake. "Grainger was established in 1912 and is the UK's largest listed residential property owner and manager. Its traditional reversionary business is based predominantly on regulated tenancies, which provide substantial, high quality, predictable and resilient cash flows. Its portfolio of 7,400 reversionary assets has a carrying value of GBP1.5 billion. Properties revert vacant to Grainger after an average of ten years. As these properties become vacant, Grainger estimates that they will generate a surplus of GBP500 million, equivalent to 120p a share. This embedded value is the difference between today's market value compared to the vacant possession value at today's prices. It does not reflect any future benefit from house price inflation. This portfolio is expected to generate GBP120 million of gross cash each year until 2030. Grainger also owns 8,400 properties as part of its market rented portfolio valued in excess of GBP1.1 billion. The cash generated by the reversionary business is recycled into Private Rented Sector (PRS) residential developments. Grainger is the UK market leader in equity release schemes principally for retired home owners. It also owns 3,000 homes directly and 3,000 homes indirectly via a joint venture in Germany. Trading results for the six months to 31 March showed a 3.8 per cent advance in the value of its UK residential assets, compared to 1.9 per cent for the Halifax and Nationwide indices. Grainger acquired or exchanged contracts for GBP 87 million of properties to add to its reversionary portfolio; purchased a new build to rent scheme in Canning Town, London; achieved planning consent for build to rent projects at two further sites; and completed another scheme in Barking, which is now fully let. The company expects to complete around 1,070 market rented units over the next two years. We believe that Grainger's portfolio, providing visibility of cash realisations through to 2030, represents an attractive asset for an insurance company seeking to match this asset profile against long- term future liabilities. Despite a recent reduction in the average cost of debt from 5.1 per cent to 4.6 per cent on Grainger's GBP1.1 billion of debt, we believe that in the current interest rate environment, there remains further scope to secure better terms for shareholders. We also believe that annual administrative expenses of GBP35 million are excessive. This equates to an administrative expense ratio of 3 per cent on GBP1.2 billion of net assets, which is substantially higher than its peer group. Since first investing in June 2015, we have engaged with the chairman, the outgoing executive team and other senior participants in the property sector. We believe that our comments about the need to reduce both operating and finance costs together with a tighter, more focused strategic direction have been well received. In August 2015, the company announced that it would explore the disposal of its German assets. The Fund regards this as a helpful first step to refocus and simplify the company's structure. The company also confirmed that the new CEO would arrive earlier than previously announced and that the Finance Director would retire" The German assets were previously valued at £300 million.That could have grown since. |
Posted at 06/7/2015 19:46 by coby4 Just goes to show they don't actually understand what the portfolio is comprised of. The reversionary element they want to get their hands on is there because the majority of the properties are occupied by protected tenants with security of tenure, Without vacant possession that can't be taken advantage of. Share price is lower than it should be though. I doubt they are going to lose too much sleep over a 3% stake. There are investors with much higher stakes |
Posted at 23/11/2014 10:21 by riddlerone Not in this one yet but i do have a stake in SGM.This is a really interesting read and very relevant to GRI |
Posted at 14/8/2014 09:51 by jonwig Some investors in Mountview Estates [MTVW] have suggested it is window-dressing for a possible sale.The only quoted company which might fit is GRI. If interested, see my post today re MTVW's AGM yesterday: |
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