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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mountview Estates Plc | LSE:MTVW | London | Ordinary Share | GB0006081037 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9,725.00 | 9,350.00 | 10,200.00 | - | 508 | 12:20:09 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 73.59M | 26.47M | 6.7876 | 14.33 | 379.18M |
Date | Subject | Author | Discuss |
---|---|---|---|
28/10/2010 11:53 | You're quite right, tiresias. There's always the possibility, of course, that the extended Sinclair family, who own over 50% of the stock, might decide to grab the surplus for themselves. I suppose it's reassuring that they've been carrying on for over 70 years without any hint of misbehaviour. | jonwig | |
28/10/2010 11:42 | Mountview Estates has just sold a flat at 64 Cadogan Place for £3m at the Allsop residential auction - just shows how much hidden value there is in their residential portfolio (they have ~2,300 residential units held at historic cost with 65% of the portfolio in central London and held at £100k each). i think there is a £230m hidden surplus in their b/sheet so real NAV is not £52/share but £110/share. cheap as chips with very low gearing at £41 current SP | tiresias2 | |
28/10/2010 11:32 | Mountview has just sold a flat at 64 Cadogan Place for £3m at the Allsop residential auction - just shows how much hidden value there is in their residential portfolio. | tiresias2 | |
11/8/2010 18:26 | Average sale price was £161k in 2009, versus the average holding cost of £100k. Extrapolated book value uplift as an approximation would be £144m, albeit these are not readily available for sale, so a time value of money discount would be appropriate. Does tend to indicate that the real value of their portfolio if it could be liquidated immediately (which it can't) is worth closer to £100/share versus the book value of closer to £50/share. Mountview have a good business model it appears; they buy low (because of the discount available on these difficult properties) and then are patient, until the tenancy ends. Most property investors are too greedy for this business model I guess as it sometimes takes anything up to 50 years to get your property value realised. Happy to hold for some time. I quite like this and Daejan Holdings at the very prudent end of the property world. | topvest | |
11/8/2010 17:49 | Thanks for the link. Yes, a big chunk of their balance sheet (£257m) is based at cost: 'trading properties'. Of course, they will still be buying, though mainly in London. | jonwig | |
11/8/2010 17:43 | Found the answer... 90k left, of which Mountview hold 2,411 so they have nearly 3%. They seem to sell 200 or so a year so they have at least a 10 year pipeline, and probably more as they tend to buy a similar number. One of the attractions, when I bought this is that the NAV is probably significantly in excess of book as the regulated tenancies are recorded at cost and not market value. | topvest | |
11/8/2010 17:36 | Thanks - very interesting. Hadn't realised that these are all over 20 years old now, albeit there is a secondary market. It's like buying home reversion plans where you get the property at a big discount, but have to wait for them to die or move out. I wonder how many of these regulated tenancies are left? | topvest | |
11/8/2010 16:08 | topvest - I intended to travel up to London today to the AGM and would certainly have asked questions along those lines, as I'm unclear myself as to just how it 'works'. Unfortunately a Letter of Representation never arrived (from broker TDW) and the date passed when I could have booked a very cheap day ticket from Leeds. TDW are looking into it, but I'm not at all pleased! As to your question, regulated tenancies are a dying breed - see here (note the discount): ... and it may be that there will be fewer opportunities here than previously. I think the company has said as much in its Annual Report. Whether this means MTVW will be hard-pressed to deliver returns in the future is a moot point! | jonwig | |
11/8/2010 15:49 | I must admit to not fully understanding their business model, but purchased on their historical record, low valuation and prudence. Can you explain how they make so much money on the disposals? How do regulated tenancies work? Do they let until the tenant moves out or dies and then sell / redevelop the property? Who do they buy the properties from? Thanks in advance for any help you can offer. Good trading update today as well. | topvest | |
25/6/2010 06:10 | A good move, I think, Topvest. What surprises me is that they've been doing the same thing, successfully, for over 70 years but no other quoted company has gone down the same road. (As far as I know.) | jonwig | |
24/6/2010 20:35 | Yes, good results. Solid company this. Bought some shares a week or two back on weakness. | topvest | |
24/6/2010 14:44 | Tremendous performance for FY. Costs driven down, finance charges reduced. Divi increase a bit stingy: | jonwig | |
26/11/2009 11:35 | Usual laconic statement withH1 results: ... it is pleasing to report profits for the six months which almost match those for the whole of the previous financial year and with the prospect of further profitable trading during the second six months. Compared with the same period last year revenue is down by 12% but cost of sales is down by over 40% thus giving a rise in gross profit of 25%. Administrative expenses have barely risen and net finance costs are down by 55% thus giving an increase in net profit of 68%. Long-term borrowings have been reduced by £12 million during the period under review and we continue to place an emphasis on the repayment of debt. We have been able to extend the Group's long-term borrowing facilities of £95 million until 2014 and we aim to be in a strong position when the best purchasing opportunities are identified. There may be further difficult times ahead but the company is in a strong financial position and getting stronger still. The interim dividend is maintained at 50 pence per share and will be payable on 29 March 2010 to shareholders on the register at 26 February 2010. | jonwig | |
03/9/2009 07:47 | Interesting link, Freddy - some of your blogger's thoughts echo mine (nanny state, Lex column). More to the point, does MTVW need steadily rising house prices to perform? I can see why a long-term decline would affect them badly, but flat or volatile price levels are probably not a big factor. Notice their profitability in the early 1990s. Of course, they were reported under IFRS then so capital values didn't enter, but the decline was pretty modest. Also, profits declines in '05 and '06. I haven't checked on the reasons for this, but will do. | jonwig | |
31/8/2009 12:52 | The price of housing changed very rapidly in the 1970s. For an interesting account see Nothing has changed really, the variables which determine house prices seem no different today...... | ydderf | |
12/8/2009 11:28 | AGM statement and IMS: Mountview Estates P.L.C. ('the Group'), which holds its AGM today at 11.30A.M., publishes its Interim Management Statement covering the period from the beginning of the Group's financial year, 1 April 2009 to date. Profits for the first quarter to 30 June 2009 are up by over 17% compared with the same period last year. A strong start is always very welcome but it does not guarantee a good result for the whole year. Interest rates are significantly lower than they were last year and may well remain at their present exceptionally low level throughout the Group's financial year. The savings made in this way and the continuing reduction in the Group's borrowings will give a very useful boost to profitability. The Board continues to put an emphasis on the repayment of debt. There have been no significant changes in the Company's position since the publication of its Report and Accounts for the year ended 31 March 2009. The Board remains confident of the Company's financial stability in what continues to be a very difficult economic climate. The results for the six months ending 30 September 2009 will be announced on 26 November 2009. | jonwig | |
28/6/2009 09:18 | troll - a bit belated, but it seems there's quite a bit of trading on Plus. (In a relative sense!!) My purchase, following Thursday's results, is the most recent here: 26/06/2009 14:13:17 3040.00 50 O 1,520.00 24/06/2009 11:09:06 2850.00 40 O 1,140.00 23/06/2009 12:38:33 3140.00 100 NB 3,140.00 23/06/2009 12:36:29 3140.00 100 NB 3,140.00 22/06/2009 16:13:31 2825.00 250 O 7,062.50 Trade Types explained: I've added a link to the Plus markets page into the header. | jonwig | |
14/1/2009 23:22 | jonwig; the trades I've done in MTVW have never ( not on advfn screen anyway ) been reported ( I've tried not to take it personally ! ). with £ 275 m ( £70.50 ps, GROSS of debt ) of properties ( excluding investments ) on the Balance Sheet @ cost or NRV ( last interims ), the market value of which is known only to them since they don't ( & never did ) report it, stated NAV of £48.50 ps ( c 50 % above current share price ) & only 3.9m shares out, I think it's an excellent, cautiously leveraged, recovery play & intend to keep buying whenever stock becomes available ( No advice intended ). troll | the troll | |
13/1/2009 17:52 | Troll - just about the only trades appear to be from directors, who seem to mop up any spare stock. I can't see how they make much money in the current climate ... buy occupied residential blocks until the last tenant leaves, then sell on the empty property (which is supposed to be worth more). Or have I got their cunning plan wrong? | jonwig | |
13/1/2009 17:10 | a director's paid £25K for 1,000 shares ( today ); fair enough, it won't set the world alight but she COULD have kept the cash in her purse ! encouraging to that extent. | the troll | |
05/12/2008 14:24 | Pillion - thanks for noticing! I agree, not really one to pitch into at the moment. But when residential values start to improve, they should be an early beneficiary. This company has been around so long that they should get through the downturn (experience, relationships). | jonwig | |
05/12/2008 14:18 | Jon Good find May be worth waiting a tad longer, imho free stock charts from www.advfn.com | pillion | |
29/11/2008 11:24 | A company I looked at when I started investing in 1971. A mystery company. No website, no e-mail contact. But just might be one to capitalise on distressed sellers of BtL properties. | jonwig | |
29/11/2008 11:22 | . . FT: Mountview Estates P.L.C is primarily engaged in property dealing. The Company buys tenanted residential property and sells it when it becomes vacant. The Company trades in different categories: rack rent units, ground rent units and life tenancy units. The Company's rental income is derived from five sources: regulated tenancies, assured tenancies, assured shorthold tenancies, life tenancies and ground rent tenancies. Mountview Estates P.L.C's wholly owned subsidiaries are Hurstway Investment Company Limited, Louise Goodwin Limited and A.L.G Properties Limited. Hurstway Investment Co. Limited is involved in property dealing, and Louise Goodwin Limited and A.L.G Properties Limited are involved in property investment. Hoovers: Mountview Estates takes a lofty view toward the dealing and management of residential property in the UK. The company owns and manages thousands of properties, with a focus on tenanted, ground rent, and life-tenancy properties. The firm acquires discounted rented properties and sells them when the units become vacant. Chairman Duncan Sinclair and his family own about 53% of the company. NAV discount approx 50%, gearing approx 60% (30 Sept 08) Significant Holdings (total 3,899,014 shs): Wheater Ac: Sinclair Family ....... 633,780 ... 16.3 Mrs M A Murphy .................... 596,745 ... 15.3 D M Sinclair (& Sinclair Ests)* ... 574,383 ... 14.7 K Langrish Smith* ................. 307,000 .... 7.9 Sinclair g-children settlement .... 179,400 .... 4.6 Talisman Dynamic .................. 197,437 .... 5.1 Mrs A Williams .................... 145,450 .... 3.7 Mrs S Simpkins .................... 138,750 .... 3.6 Doris Sinclair Est ................ 118,100 .... 3.0 Mrs M M Bray* .................... Miss J L Murphy* .................... 1,500 .... 0.0 Mr J P Hall* .................... | jonwig | |
29/10/2006 01:23 | Offer now at £61.00p excellent short term short | vision88 |
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