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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Cls Holdings Plc | CLI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 82.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 82.50 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT & SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 06/03/2024 | Final | GBP | 0.0535 | 21/03/2024 | 22/03/2024 | 02/05/2024 |
| 09/08/2023 | Interim | GBP | 0.026 | 07/09/2023 | 08/09/2023 | 03/10/2023 |
| 08/03/2023 | Final | GBP | 0.0535 | 23/03/2023 | 24/03/2023 | 02/05/2023 |
| 10/08/2022 | Interim | GBP | 0.026 | 08/09/2022 | 09/09/2022 | 03/10/2022 |
| 16/03/2022 | Final | GBP | 0.0535 | 24/03/2022 | 25/03/2022 | 29/04/2022 |
| 11/08/2021 | Interim | GBP | 0.0235 | 19/08/2021 | 20/08/2021 | 24/09/2021 |
| 10/03/2021 | Final | GBP | 0.052 | 25/03/2021 | 26/03/2021 | 29/04/2021 |
| 12/08/2020 | Interim | GBP | 0.0235 | 20/08/2020 | 21/08/2020 | 25/09/2020 |
| 05/03/2020 | Final | GBP | 0.0505 | 02/04/2020 | 03/04/2020 | 29/04/2020 |
| 14/08/2019 | Interim | GBP | 0.0235 | 22/08/2019 | 23/08/2019 | 27/09/2019 |
| Top Posts |
|---|
Posted at 24/4/2024 13:53 by skyship Patience has to be the name of the game; and holding CLI provides a 9.6% covered yield whilst we do so. |
Posted at 02/4/2024 20:48 by spectoacc 10% yields not so uncommon tho - eg SEIT, GSF (12%!), GCP (nearly), NESF. That's not counting the winder-uppers, which I'm sure holders will be hoping for 15%+ pa on (eg ADIG, API, GABI, VSL).Think CLI being tarnished by both the US offices implosion (which could have years to run) and the wholly predictable RGL train wreck. CLI is no RGL, but where will the price settle.. |
Posted at 12/3/2024 14:29 by spectoacc It's a view, but it's about CLI's valuation, not the poor outlook. CLI can hang on until interest rates start to fall, and some other office providers have given up the ghost.10p EPS and £2 s/p, maybe not. 10p EPS and 93p s/p, much more interesting. |
Posted at 12/3/2024 14:01 by ammons dated 7 March 2024, sell, FWIW==================== CLS Holdings' office values continue their freefall Investors waiting on a recovery in this property equity's fortunes should invest their time and money elsewhere March 7, 2024 by Mitchell Labiak Vacancy rate climbing Earnings and dividend growth look weak Pretty much any way you look at it, CLS Holdings (CLI) is headed in the wrong direction. The landlord's portfolio of European office assets outside big city centres is nosediving in value even faster than last year as high interest rates and questions around post-Covid working continue. Its net asset value (NAV) has been slashed by 28.5 per cent from its 327p high point in 2021, while its shares have lost well over two-thirds of their value since a high of 311p in late 2019. IFRS earnings per share (EPS) do not cover its flat dividend, but adjusted earnings per share (EPS) stripped of valuation changes does. However, that adjusted EPS fell from 11.6p to 10.3 because its net rental income growth failed to offset rising finance costs from its growing net debt mountain, which is now larger than its equity value. This enormous leverage makes it unique in the UK-listed property sector. Not in a good way. Consensus forecasts are for adjusted EPS to nudge up to 10.6p by 2025 and for the dividend to hit 8.22p, but even this limited growth looks overly bullish. CLS' vacancy rate has climbed to 11 per cent from 7.4 per cent the year before, driven by its empty UK offices, where vacancy climbed from 10 per cent to 15.8 per cent. When there is so much space in your portfolio, it becomes hard to raise rents, something retail landlords know all too well. The discount to NAV might tempt some, but we believe this is a fair reflection of the strong possibility that CLS will need to offload its emptying assets into a depressed market to chip away at its debt. Sell. |
Posted at 16/2/2024 10:20 by wshak Hi Skyship,I'm in for the long haul with CLI. With a lot of these ITs, REITS, property companies, etc, I just want to see what prices look like when interest rates come down in 12 months, and clip divis whilst I wait. I haven't gone mad on CLI but have a chunk that I wouldn't want to lose. Main thing holding me back from investing more seriously is an investment that went badly wrong in Speymill Deutsche back in the day when there was also a ridiculous discount to NAV. Debt was much higher there, however. |
Posted at 16/2/2024 09:56 by skyship WShak - re CLI - are you looking for an end game here or just a trade?As stated before, I think the anti-office sentiment has been way, way overdone with CLI, perhaps exacerbated by the fact that 60% is held by the Mortstedts. The upcoming Prelims (8th March last year) should clarify matters somewhat, ie, just how bad a write-down will we see on the German assets. IMO however you cut it, the sell-down here is overdone; and then some! |
Posted at 26/1/2024 15:38 by strathroyal riverman - this comment is from the last annual report:The full-year dividend is in-line with our revised policy of having the dividend covered by EPRA earnings 1.2x-1.6x and in-line with the guidance given in May 2022 that 2022’s dividend would be in the middle of the range. |
Posted at 26/1/2024 12:10 by riverman77 I think the fairly high level of the debt and its short maturity must be a big factor behind the discount. My understanding is that a large part of the debt will need refinancing this year at much higher rates, which could impact dividend cover. I know CLI like to maintain a high cover as they are quite active on capex front - this could surely put dividend at risk? |
Posted at 23/1/2024 16:29 by skyship CLS Holdings (CLI) – Massive NAV Discount coupled with a very high YieldCLI is a commercial property investment company with a £2.21bn portfolio split between the UK (46%); Germany (42%) and France (12%). It specialises in prime offices in prime locations. It has c718 tenants, including blue-chip organisations and government departments. Exc. Shares held in Treasury, there are 397.4m shares in issue. As at 23rd Jan’24 CLI had a MCap of c£378m. The family of the founder together hold 60% of the equity, with one family member, Bengt Mortstedt, serving as a Non-Exec director. The quality of their properties can be viewed on their website; and of special interest is this presentation of a newly completed refurbishment in the City, in London: 06/03/24 – Prelims to 31st Dec’23 09/08/23 – Interims to 30th Jun’23 15/11/23 – Q3 Trading Update Co. website: |
Posted at 08/1/2024 11:06 by nickrl CLS best attribute is the divi has been well covered for years albeit it was so paltry i never took any but the high coverage meant it stayed on the watchlist. Last years share price decline has now translated into a high well covered yield albeit the recent spate of debt refis is eating into the cover. Mustn't underestimate though the impact of the high level of refis reqd by end of 2025 and the increasing impact this will have on overall IR. They had an extraordinarily low yield on debt only EBOX bettered it and thus in last 18mths its gone from 2.22% to 3.32% and they still have c40% of debt load to refi by end of 2025 so 4-4.5% overall is entirely possible. So my forecast is that cover could be eliminated by end 25 but all depends on how NRI evolves from here. You can already see vacancy rates rising, albeit slowly, in all countries so at best any rental increase is going to be neutralised for a while yet. Only 25% of debt is floating so some help if rates fall. Of course on such a discount to NAV to looks great value but viability of divi is what interests me but further declines in NAV could lead to loan breach issues on LTVs of course.As an aside I've raked through there 200+ page ARs even back a few years trying to find the specifics on debt but they give you snippets never a complete table that almost everyone else does even if you have to dig around. |
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