Share Name Share Symbol Market Type Share ISIN Share Description
European Real E LSE:ERET London Ordinary Share GG00BDCSC847 PART PREF SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 167.00p 164.00p 170.00p 167.00p 167.00p 167.00p 96 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 6.2 4.3 8.0 20.9 25.33

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Date Time Title Posts
13/9/201610:12EUROPEAN REAL ESTATE I T [or MERE as was]700
18/8/201611:02*** European Real Estate IT ***3

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European Real E Daily Update: European Real E is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker ERET. The last closing price for European Real E was 167p.
European Real E has a 4 week average price of 169.28p and a 12 week average price of 177.96p.
The 1 year high share price is 205p while the 1 year low share price is currently 122p.
There are currently 15,166,774 shares in issue and the average daily traded volume is 4,404 shares. The market capitalisation of European Real E is £25,328,512.58.
n1mgn: thats excellent thank you , after the share buy back tomorrow , can anyone tell me how many share will be left please ? It could be a bit pf a long play but very interesting one if the share price drifts . Good luck to all
homebrewruss: orincor I think you have until close of business tomorrow to buy shares and qualify: HTTP://
redhill9: Return of 65p per share and NAV of 180p. No mention of revaluing for Panrico so presumably that's still to come. Extract: Further to the approval by the Company's shareholders of the winding down proposals (as described in the Circular to shareholders on 12 July 2011) the Company today announces that it will return approximately GBP18 million (equivalent to 65 pence per share) on 21 December 2015 (the "Redemption Date") by way of a compulsory partial redemption of shares (the "Fifth Redemption"). The Fifth Redemption will be effected at the estimated unaudited Redemption Net Asset Value per share as at 4 December 2015 of 180 pence per share. The estimated unaudited NAV has factored in the receipt of the sale proceeds of the Kaiserslautern property at a 12% premium to its June 2015 valuation, the EUR2.5 million dilapidations received from the tenant at the La Gaude property and the change in the currency exchange rate since the 30 June 2015. The Redemption will be effected pro rata to holdings of shares on the register at the close of business on the Redemption Record Date, being 21 December 2015. On this basis 36.4 per cent. of the Company's issued share capital would be redeemed on the Redemption Date.
janvrot: Kaiserslautern proceeds should be due within a few weeks and it's dividend time again. In addition, ERET is sitting on 43c of cash. I am sure there is room to pay out at least half that so the next dividend could be significant. Should be good for share price.
redhill9: I've just been looking at the composition of the NAV, specifically regarding current and potential cash. Cash at 31/12/14 was £14.653k representing 49p per share. Adjusting that figure for net Debtors/Creditors reduces it to 41p per share. Properties held for sale currently (i.e. the German assets) are valued at £16,006k and ERET say these are expected to be sold in 2015. If sold at current carried value this would generate 54p per share, giving a cash figure of 95p per share compared to today's share price of around 100p. Effectively that could be interpreted as suggesting the Panrico and IBM properties are in the share price for 5p when their carried NAV value is 87p per share. It is necessary to recognise of course that the potential 2015 cash of 95p will reduce by 12p due to the cost of redeeming shares on 31 March but as shares are being redeemed sand then cancelled at NAV, the NAV per share won't itself change because of this, simply the cash/asset mix of the NAV will move down/up by 12p. The above ignores any contribution from operational activity (ERET say they are currently cashflow positive), and impact of further Euro weakness (or at some point, strength?) against Sterling, and the unclear situation with the tax issues mentioned in previous posts. My guess is that when the German properties are sold ERET will be able to make another redemption of something above 50p with scope for maybe another 15p if/when the unbooked tax issue is resolved, but then it will be a question of how long it takes to sell the IBM building (which ERET are quite positive about, but they say it will take time) and the Panrico property, which is clearly problematical if Panrico do default as being a customised building no doubt investment would be required to make it marketable. With NAV of 168p and a share price of 100p, the discount is 40% reflecting the risks and time issues with Panrico and IBM properties but looks to me to be too high for a situation where the cash prospects look attractive. Any views?
zangdook: I'd prefer they did buybacks as long as there remains a substantial discount. It's better value for those of us who are here for the long term, and would support the share price and provide an exit for those who want out sooner. It would probably have lower costs as well - presumably there are fees involved in getting new ISIN codes and sending out cheques and so on.
janvrot: Huh...lost in google translation. Can you provide a link to the blog. Thanks. Also, lets have some fun gaming the dividend which I think is a no brainer given the estimated GBP17mil cash balance following the GBP6mil buy-back, the sale of conti and earnings for the 6 months. Rent IBM EU2.1 (triple net) Panrico EU2.5 (triple net) Kaizers EU1.4 RENT EU6.0 OperX EU1.8 (30% of rent AdminX EU1.0 (very aggressive assumption) OperProfitEU3.2 OperProfit GBP2.5mil #shares 29847 DPS 8p Dividend Yield 8/118= 6.8% I think it is important to note that the GBP6mil buyback was most likely designed by Karoo who because of their large position are stuck in the share. Personally I would have preferred a buy-back at current prices which would have boosted the nav/share and more importantly the share price. I hope the guys at Karoo realise that the disappointing delay in the sale of assets (especially kaisersluatern) and the huge uncertainty about the future of the IBM property have shareholders on edge and that ERET can not afford to not reinstate the dividend. After all, it seems we could be stuck here for a very long time because of the rezoning red tape for the IBM property and then finding a buyer for the property never mind that there are no buyers of property in Spain. Out only hope is the sale of Kaiserslautern which has issues wrt ground rent.
alanji: Disappointing that the share price has not moved following the two announcements. I calculate the nav of 203pps, using Dec valuation, adjusted for the two disposals is now as follows (pps): Cash 64.5 Net current (7.5) Kaiserslautern 54.3 Panrico & IBM 91.7 The remaining German properties are held on good leases to low risk tenants with a length of about nine years and a yield of about 7.5% So the valuation seems pretty secure. Adding the cash and net liabilities gives 111.3p The current share price is 112/119 (you should be able to deal within the spread) so you get the Panrico and IBM properties for virtually nothing.
sharpshare: Parking lot sold today for EUR 5 million in cash at valuation. Nice. Share price now 112p to 116p. So NAV now at mid June 2014 around 205p. (Dec 2013 at 203p - EUR fall of around 5p + 6 months net rent of around 7p = about 205p) Of which cash about 60p and properties about 145p (before any new revaluations) So at 115p share price today that is a discount of 90p or 44%. Stripping out the cash means the properties are on a discount of about 62% Reminder that the company has no debt, is in self liquidation mode and it is selling all assets and giving the cash back to shareholders. Perhaps another property trust trading at a premium to NAV will come along and scoop up all the ERET shares by issuing paper at a premium to NAV and at a small discount to ERET NAV so acquirer gets NAV uplift and cash. eg Hansard, Redefine, Segro, Sirius etc...
sharpshare: Share price now around 89p Last NAV of 193p per share Share price discount to NAV around 54% Shares in issue 33.16m Mkt cap about £29.5m Net equity based on 193p net assets of about £64million Discount £34.5million net LTV around 61% Rental Income of £29.3m last year Average property assets over last year of around £265m, implies gross yield of about 11% A well regarded larger peer in the sector is Hansteen, HSTN share price about 86.2p last NAV 83p per diluted share Trading at a share price premium of about 4% net LTV around 44% If ERET can attract some of the HSTN sentiment then a higher share price might be possible.
European Real E share price data is direct from the London Stock Exchange
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