||EPS - Basic
||Market Cap (m)
|Real Estate Investment & Services
Real-Time news about Blackrock Intl (London Stock Exchange): 0 recent articles
|a shot in the dark: NAV now at 4.5p - share price 2.25p. Huge discount to NAV and tenanted properties producing reasonable revenue returns. Most of lastyears drop in property prices were in the Irish sector. Europe and UK property values are starting to move forward. When the Irish banks can be underpinned by the EU the pressure on the asset values and financing of BMLs Irish portfolio should become easier. This must be the low point for BML and a return to a share value closer to NAV (as in most commerical property) should be expected here. (100% potential upside over time).
IMO - DYOR|
|gateside: Share price is looking a bit more perky
Goodbody shaves 14pc off Blackrock value
Tuesday April 24th 2007
GOODBODY stockbrokers has shaved 14pc off its price target for Blackrock's stock after the company's management guided that it could take up to seven years to realise the full potential of five key development sites.
Cutting its share price target to 54c from 63c, the broker said it had previously expected that the development work would be completed within three years.
Blackrock was spun off by Fyffes last year, but the fruit company continues to hold a 40pc stake.
Blackrock's portfolio of five development assets are valued at 105m, but they could be worth about 229m if redeveloped, according to Goodbody analyst Dan Cavanagh.
The development assets include: the 1.6-acre site on Beresford Street where Fyffes is headquartered; the former Gateway complex on 23 acres in Clonshaugh, Dublin 17; two sites in Swords, one on 32 acres, the other on 17 acres; and 105 acres near Edinburgh, in Scotland.
"In estimating these values, we have taken recent deals in similar properties and discounted the recorded transaction by approximately 50c to reflect the probability of Blackrock obtaining the appropriate planning permission for development," said Mr Cavanagh.
Factoring borrowing costs of 8pc into the equation, Cavanagh said that the net development value would be around 184m, or 31c a share.
Having inherited 30 properties from Fyffes last year, Blackrock has spent 182m on acquiring 23 additional properties. Some 124m, or 68pc, of the amount was spent on investment properties, which have a blended yield of 6.5pc.
Goodbody has pencilled in a net asset value of 135m for Blackrock's investment portfolio.
The broker continues to have an 'add' rating in the stock which is listed on the IEX junior market in Dublin and AIM in London.|
|johnroger: Blick bid should be encouraged
Published: 10:43 Wed 10 Dec 2003
By Jemma George, Smaller Companies Editor
This year is the first in four in which Blick shares have made any meaningful progress, and even then from a low base, so news of a possible bid should delight investors if it can be sealed.
In response to speculation and the recent rise in the share price Blick (BLK) said today it has received an unsolicited approach, which may lead to an offer in the region of 300p per share in cash.
The security, communications and time management company also announced full year results to September including a slightly improved profit of £8 million against £7.8 million from turnover of £69.2 million.
Net debt has been reduced to £13.5 million from £15.7 million and the final dividend maintained at 9.5p resulting in a static full year payout of 14.5p as expected.
The Blick team has worked a no frills job over the last few years but there is no getting away from the poor performance of the shares, which depending on the investment timing, have provided a favourable income yield but little in the way of consistent capital growth.
In this respect the board should seize the opportunity to sell the business and lock in some of the value created this year.
Annual growth in new rental orders were up 18% to £12.7 million and the contracted rental book is stable at £93 million. New developments include a Blick Finance division and greater emphasis on integrated services.
However, there is a sense that the company has never really been understood by the average investor. It is often described as 'a quirky little company'.
The activities are often technology driven but are quite simple. In the office environment the group can set up access control, parking management, CCTV, working time management systems, wireless staff communication and safety procedures, such as evacuation, and various related and integrated solutions.
Contracts can run over several months or years but the competition is tough and thus pricing is in continuous check.
Blick confirmed today that trading conditions in some of its markets remain challenging, but further it expects moderate progress this year.
Forecasts for 2004 include a pretax profit of £8.5 million and the same dividend of 14.5p. Growth is running in high single digits if and when achieved.
There will be disappointment if the indicated offer is refused or withdrawn. The pressure is on for a deal.|
|ainsoph: Hold a chunk of these - share price has been firming up of late
Blackrock Intl share price data is direct from the London Stock Exchange