Palace Capital Share Discussion Threads

[skyship] 29/10/2015 10:59

PCA again looking rather cheap versus its peers. The NAV as at 31st Mar'15 was 396p. The IPD stats show an "All UK Property" rise of 7.2% since March, so on that basis might we see an NAV of 423p in the Interims due in c4weeks time?

With gearing it could of course be better; and we've seen a host of good news through regular RNSs.

If we take a stab at a more conservative 415p then the discount at 370p = 10.8%; this compares with the premium at which most propcos trade. We also get a reasonable dividend. 13p historic = a 3.5% yield. 15p prospective would provide a 4% yield.

Could be a good buy ahead of those Interims...


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[skyship] 17/8/2015 14:10

Re today's acquisition for £3.925m:

This from 3yrs ago:


This from recently:


Looks good value to me...

[jaws6] 29/5/2015 15:00

2 things to add on above good posts
1- They get 8 % yield for doing nothing on new buy
2 - Brand new £20m station completed – 250m from Sol Central so once few changes done they might get more income !!

[marben100] 29/5/2015 14:43

...and have a look at what they're buying with the placing monies: nice income stream from current tenants and plenty of scope for active asset management. Lots of development going on in environs of Northampton, as well as in the town itself. If Neil & co can succeed in turning Sol into a vibrant leisure destination, would be very value additive.

I really like what the team has been doing, and the conservative levels of debt. At a recent presentation, Neil confirmed to me that he doesn't want overall LTV to exceed 50%. I calculate it will be 40% of gross property assets, following the recent acquisitions, placings & refinancings. PCA is one of my largest holdings.

Cheers,

Mark
Twitter @marben100

[topvest] 28/5/2015 20:12

They do seem to be doing all the right things here. Showing Perloff's Panther Securities up a bit.

[skyship] 28/5/2015 10:14

davidosh - "The new shares will not be entitled to the 7p dividend just announced" - good point! Also re the narrowing of the discount - so, change of mind - now happy with the placing. Thnx...

[davidosh] 28/5/2015 10:00

The new shares will not be entitled to the 7p dividend just announced so you could argue that the current price to buy in the market when dividend deducted is about 4% above the placing price. That is not a deep discount...in fact the discount the last time they did a placing was about 7% so the PCA paper is clearly in higher demand and priced accordingly.

If management can keep doing good deals then we can all benefit from sensible use of the cash to keep leverage at a comfortable level on each deal.

[alanji] 28/5/2015 08:26

Shares for the boys again!

[skyship] 28/5/2015 08:14

NAV comes in at slightly ahead of my expectations; however slightly disappointed that the placing price for the latest acquisition is at a relatively lowly 360p!

"The valuation of the Company's portfolio increased to GBP102.75 million at 31 March 2015 (prior to the acquisitions of Bank House and Sol Central) -- Net Asset Value per share 396p (31 March 2014: 357p)."

[skyship] 10/5/2015 15:03

Gorilla36 - Re yr post on 6th Feb, as the Shares Magazine interview is now 3months ago, could you post a little more of the article which started as follows:

The property guy

Neil Sinclair specialises in buying bargains, cutting costs and boosting rents

The chartered surveyor opened the doors of his first business in 1970. He has since held senior roles at surveyor Baker Lorenz, shopping centre landlord Tops Estates and car park company Mission Capital. Sinclair co-founded Palace Capital in ...

[skyship] 13/4/2015 18:22

Schroders increases its holding a tad - from 2.6m to 2.9m shares.

[skyship] 10/4/2015 13:45

As indicated above, PCA now starting its next move UP{...


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[skyship] 21/3/2015 09:57

Overbought situation slowly unravelling through static sideways move. Should benefit from the rising trend-line in c2-3weeks...


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[randomambler] 17/2/2015 09:15

No problem Saucepan - I haven't been researching companies in this kind of depth for very long so it's always great to get a bit of feedback!

[saucepan] 17/2/2015 07:47

RandomAmbler: thanks for sharing - a most impressive write-up and blog/website.

[randomambler] 16/2/2015 23:14

Sadly I couldn't make it to Mello either tonight but I did get a chance to look through the numbers and sniff around the acquisition details. In a nutshell this company looks like a class act but the price is pretty toppy at the moment and there's no longer a NAV discount (more or less).

A few more thoughts and graphs are here:

Damian

p.s. Hi SKYSHIP!

[saucepan] 16/2/2015 19:12

Link to the 5 February Shares Magazine feature, which I see the Company has now put up on its website:



A good read :-)

[balcony] 16/2/2015 15:04

I think the share price might start with a 4 later this week

[saucepan] 16/2/2015 09:19

Nice breakout :-)

Sorry I, too, cannot make mello. I look forward to any write-ups.

[skyship] 13/2/2015 17:30

Would so love to have been there - but a bit far to travel from SW France!

Of course CEO Neil Sinclair won't be able to make any forecasts; but perhaps he'll indicate a range of expectation for what the End March NAV may deliver!

[davidosh] 13/2/2015 16:27

As promised a couple of months ago..

If any of you are interested in meeting management and having a presentation PCA are at my Mello Monday meeting this month...



You are all welcome

[balcony] 09/2/2015 20:26

If we get planning at Hudson house for the full 100,000 sq ft.We maybe up to 100 two bed and 50 one bed flats.Then take a look at citylets York for the current rent per month,This could be a real goldmine

[saucepan] 09/2/2015 19:19

Good to see PCA coming to life today.

Skyship: I like your TA and would concur with your thoughts. Cheers.

[skyship] 09/2/2015 13:07

Bought in here last week after reading of Slater's, admittedly rather small, top-up...

The other reason is the classic Reverse Head & Shoulders on the chart; followed not once, but twice a pullback to the break line. Having tested, the share price is now rising and over the next few months should close to the likely End March NAV of 390p:


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