|Dolphin Capital Investors
||COM SHS EUR0.01
||EPS - Basic
||Market Cap (m)
|Real Estate Investment & Services
Dolphin Capital Investors Share Discussion Threads
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|This from the British Empire November newsletter:
"When factoring in new incentive fees and modelling large haircuts to official valuations to achieve sales, we still believe the company is trading on a near 50% discount to NAV and thus are fully supportive of the Directors’ proposals"|
|Some big trades in the auction, and protected from earlier!
6.1m traded in total.|
|Looks like a big seller is playing at the moment. Hopefully the buying continues. At the end of the day its pretty immaterial, as the selling of assets will govern the price!|
|Many tx tiltonboy
A good number of buys today so far and only one apparent sell.|
It is to do with the last trade of yesterday being done in the closing auction at 8p. The price this morning was 7.5-8p, so a mid of 7.75p.|
|The bid share price is up a touch today though why a fall at the open was shown today and yesterday when so far I could see
there had been no share price change before the slight increase in bid this am, is slightly mystifying.|
|...still plenty around then!|
Added a few at 8p.|
|Nothing loaded at 1100, but looking at the trades going through, there is plenty on offer at 8p.|
|The sell order on the SETSMM board has slowly been eroded, and was wiped out with a buy this morning. It will be interesting to see if an order is reloaded for the 0900 auction.|
|Just done a post on DCI - think its a much more attractive risk / reward play - hopefully will be hard to lose...
|.. okay then..|
|in no rush here.
Have a nice weekend.|
|Decent trade in the closing auction.|
|well, IMO market likes it so far....|
|Property is long haul decisions....inflation likely to make a return with such low monetary policy IMO, both should help NAV be maintained....let's just see how it unfolds....would be great to see another decent asset sale in the near term for them to prove to EGM that they can achieve the results...DYOR|
|Good morning all
Some large trades earlier now showing up.|
|SO, liquidation mode finally. Rough analysis goes like this:
EUR 700m of gross assets and EUR 350m liabilities
Manager incentivised to get > 50% of gross asset value
If they only manage 50%, equity is nil
If they manage 66%, equity is EUR112m, 11c/share, 9.5p/share
If they manage an astounding 80%, equity is EUR210m, 21c/share, 18.5p/share
Less all the fees and expenses while they go about it.
Current share price of 7.5p seems pretty fair.
Not for me at these levels|
|DCI mainly Greece. I think the Greek resorts will be immune to any eurozone problems. Everyone goes there on holiday. These are more likely to increase in value with Zika affecting the Caribbean.
It's a good sign dci managed to sell Playa Grande at a good price considering its affected by zika.|
|@Gbill - is that really worst case? I'd have said worst case is the next 12 months of 13 Euro elections going very badly indeed - starting with Italy on Sunday.
And if their base case is that to realise the assets over 36 months produces an average of 75% of value, inc any capital increase over that time, what does that say about the veracity of the current NAV?|
I was being a little flippant!
They get an incentive if they sell them above half price. Hopefully they will achieve decent prices for some of the assets.
The worst case scenario is they can't sell some of the assets, even at discounted levels.
I would happily take 15p.|
|The worst case estimate gives you compounded 18.5% return PER YEAR over 3 years
The best case estimate gives you compounded 42.5% return PER YEAR over 3 years
Also some proceeds are paid out when a sale is executed so expect regular payments|