Share Name Share Symbol Market Type Share ISIN Share Description
Alpha Real LSE:ARTL London Ordinary Share GB00B13VDP26 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 114.25p 112.00p 116.50p 114.25p 114.25p 114.25p 0 07:45:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 9.5 4.9 23.1 4.9 79.20

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Date Time Title Posts
25/4/201717:31Undervalued Property Play177.00

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Alpha Real Daily Update: Alpha Real is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker ARTL. The last closing price for Alpha Real was 114.25p.
Alpha Real has a 4 week average price of 112p and a 12 week average price of 100.50p.
The 1 year high share price is 117.25p while the 1 year low share price is currently 76.25p.
There are currently 69,323,217 shares in issue and the average daily traded volume is 16,551 shares. The market capitalisation of Alpha Real is £79,201,775.42.
skyship: Anyone else think this one a bit odd? Looks like a bit of a departure from their normal business model...
skyship: Nick Greenwood, manager of Miton Worldide Growth I. T. (MWGT) recommends ARTL in an extensive article on trusts in this week's IC: ==================================================== Alpha Real Trust (ARTL) was originally an Indian property specialist; however, that market blew up during the global financial crisis before the cash raised at launch could be committed. Its management took advantage of its extreme undervaluation by acquiring 30 per cent of it, and have since increased their holding to around 45 per cent. The trust changed its focus to high-yield property debt and during 2012 related assets such as the Freehold Ground Rent Fund and Property Investment Portfolio were rolled into it, with the assets acquired at NAV. Cash has also been used to buy properties from distressed lenders such as Royal Bank of Scotland. Historically, the assets tended to carry high leverage, but the recovery in property values and banks' renewed lending appetite has transformed the trust's outlook. There is scope for revaluation and refinancing given today's low interest rate environment. Alpha Real Trust also tends to move to its own tune regardless of the general direction of global markets. Alpha Real Trust's managers are clearly good at what they do and when sufficient loose holders have exited, the vehicle is likely to be taken private at a level closer to NAV, once a deal is struck with minority holders. In the meantime, the recently stated objective of steadily increasing the dividend should underpin the share price. The shares yield around 3 per cent and trade at a discount to NAV of 33 per cent.
davebowler: Extract from ARTL website - ART has 19% of IMPT’s ordinary share capital, representing £0.8 million in equity value based on IMPT’s share price, as at 30 September 2014. So I think that's now worth c. £3m an improvement to ARTL's NAV of c. 2.5%
scburbs: Nibbling at a few more of their own shares. Looks like they may be starting an ongoing buy back plan to manage the NAV discount down to a more sensible level. A 10% discount to NAV (i.e. a sensible discount) would be around 40% uplift in the share price from here.
sharpshare: Active UK Real Estate Fund "AURE" Q3 2014 released. "As a result of various value-add initiatives and leasing activity, the portfolio valuation has increased from £43.7m as at 30 June 2014 to £45.2m as at 30 September 2014." "A sale of a vacant industrial unit at 15% above its pro rata valuation was completed during the period. The sale of this vacant unit has helped reduce the overall void level and irrecoverable costs within the portfolio." So total property value up 3.43% in the quarter. This should tend to reduce the LTV on the £9.6m mezzanine loan from ARTL to AURE. Recent news shows that NAV for ARTL is increasing AND quality of assets is increasing. NAV at 31 Dec 2014 stated at 109.1p (before potential uplift from recent arbitration award which could add another £4.6m or 6.5p making NAV around 115.6p) Current ARTL share price 69.2p bid to 70.84p offer. Discount to 31 Dec 2014 NAV of 109.1p of around 35%. Many property companies are trading at a premium to NAV so ARTL could rerate upwards. Current quarterly dividend of .52p making 2.08p per year giving a dividend yield of around 3%. Based on the income expected in the latest trading update it appears that the dividend could be doubled and still be covered by earnings. The flow of A shares into ords seems to have slowed to a dribble, most have now converted. With this tap reducing the share price may respond favourably to ongoing positive news.
scburbs: ARTL is at 54.5p vs NAV of 107.2p for a 49% discount to NAV. It is up a mere 13% from its recent low point in 2013 despite the recent strength of UK commercial property. The mix (debt and equity) is 58.3% UK property, 16.7% Spanish property, 12.7% Norwegian property, 5.7% Indian property and 6.6% cash. Freehold Income Authorised Fund is £13.1m of strongly performing inflation proofed open ended ungeared ground rent fund. Must be worth £13.1m. H20 shopping centre in Madrid suburb is at 85% LTV so whilst in the books at £12.8m probably prudent to value at nil. Alpha UK Real Estate Fund loans total £12.7m and yield around 9-10% with maturity due November 2014. This represents around 73% LTV and whilst the fund has struggled with income performance is now improving. Void rate has fallen from 31.8% at 30 September 2013 to 21.8% at June 2014, valuations also now rising. Results due any day for 30 June quarter, but with the upwards trend this looks close to worth par value, let say 90% or £11.4m. I expect the loans will be extended come November 2014, although may be part repaid. hxxp:// Industrial Multi UK Property Trust (EPIC: IMPT) loans are £11.8m at 15%. The high interest rate reflects that they go from 69% to 83% LTV. There is also another slice of mezz debt (at 11%) before the ARTL slice. Valuations has stabilised and income is set to rise, but still the total interest is not covered (about 10% of the 15% is covered by cashflow). With the high LTV a discount is appropriate, but the higher risk is recognised with the 15% interest rate, so lets say 20% discount, giving £9.5m. hxxp:// Europip is a Norwegian property fund where ARTL has loans of £5m at 9% and equity of £4.4m. Loan is well covered (LTV up to 73%) so should be valued at least at par whereas equity (9% yield) should be discount by perhaps 20% giving a combined £8.5m. Cash is £5.1m. Other investments include an Indian investment worth £4.4m which is in arbitration and I would value at nil and an equity investment in IMPT which I would also value at nil (albeit it is listed and trades above nil). There is £4.8m of investment in UK property in disposal process where assets with value are ungeared. I would value this at £4.4m for a discount just under 10%. There is also Cambourne Business Park at 50% LTV and providing a 12.9% IRR for the minority equity stake. This should be worth its NAV of £1.2m Total valuation £53.2m or 74p. This is a 35% premium to the share price based on some fairly prudent valuations. The share also has a dividend yield of just under 4% (2.1p) to provide some value whilst I await the rerating. Main risk is the fact that Alpha Real Capital manage all the underlying investments. This is somewhat balanced by the fact that the c.31% holding they have in ARTL makes it their most valuable asset so they will keenly protect value. There is a high 2% NAV fee, although there is reference to fee rebates to avoid double charging, but the size of the rebates is unclear. Looks like it is worth a moderate investment having been left behind whilst other property investments have rerated.
Alpha Real share price data is direct from the London Stock Exchange
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