Quadrise Share Discussion Threads

[quepassa] 19/5/2015 08:24

Great results today from BigBrother Land Securities.

Strong uplift in valuations. They appear very bullish on retail.

ALL IMO. DYOR.
QP

[richard xii] 17/5/2015 22:28

Good analysis wheeliedealer.Things will become clearer on Friday. My worry with QED is that the management fiddles around with too many projects for a company valued at only ten or so Shard apartments and takes out too much cash for their limited expertise and contribution.They even have to bring in partners to build blocks of flats at Wembley indicating they have insufficient expertise themselves.Now that the threat of a Miliband expropriation has passed skilled operators might decide to bid to access the Wembley assets and sell off most of the remaining clutter.

[thewheeliedealer] 17/5/2015 21:08

Hi all,

I topped up my QED a couple of days back - with Results on Friday I fancied a few more.

Done a quick Blog about it here with some thoughts on Valuation and Targets:



Hope it helps, wheelieD

[r ball] 14/5/2015 16:39

quite. all we need is a dividend payment. but I think this will be held back until the new FD has ha a chance to review.

[jaws6] 14/5/2015 14:53

at last new high for QED
go on

[sammu] 11/5/2015 11:24

Results due soon - 22nd May.

[quepassa] 11/5/2015 10:31

Welcome.

QP

[alan@bj] 11/5/2015 10:29

Thanks QuePassa, very encouraging.

[quepassa] 11/5/2015 10:01

Liberum Capital wade in today with a broker recommendation of INITIATE COVERAGE and a recommendation of BUY with TARGET PRICE at 135p


This is the status quo of current broker reco's:


Barclays OVERWEIGHT REITERATE TARGET 138p

JPM Caz OVERWEIGHT REITERATE TARGET 130p

Sanlam BUY REITERATE TARGET 115p

Liberum BUY INITIATE TARGET 135p



An astonishingly strong alignment of positive broker forecasts.


With a current share price of 99p,

JPM Caz see 31% upside

Barclays see 40% upside

Liberum see 36% upside



ALL IMO. DYOR.
QP

[quepassa] 11/5/2015 08:57

The Wembley Estate remains greatly undervalued and under-appreciated by the market.

ALL IMO. DYOR.
QP

[quepassa] 08/5/2015 09:23

Cameron plus Osborne plus Boris very stabilising and positive for UK and London property markets.


ALL IMO> DYOR.
QP

[scburbs] 29/4/2015 08:30

New JV is indicative of strong increase in PRS flat values on site (c.17%) and good increase in land values (39% per acre or perhaps a more realistic 10% per house).

JV1 (April 2014), 475 homes, QED paid £37.1m for 143 homes for PRS (£260k each)

"The Joint Venture will pay Quintain £22.7 million for the unserviced 2.5 acre plot ("NW01") and a further £9.5 million for future associated infrastructure: a total of £32.2 million."



JV2, 362 homes, QED paying £36.8m for 120 homes for PRS (£306k each)

"The joint venture will pay Quintain £19.0 million for the unserviced 1.5 acre plot ("Alto") and, separately, £8.0 million under an agreement for infrastructure to be delivered in the future: a total of £27.0 million."

[r ball] 25/4/2015 18:19

jam tomorrow company. what will the new FD bring? a dividend would be good. ps: I bought at 50p and 85p but fast running out of patience.

[scburbs] 22/4/2015 16:36

trytotakeiteasy,

Link to old document, but useful map on P16 shows you were the QED land is (no 5). In the books at around £10-11m. I think the planning relates to number 8 on the map.

hxxp://www.lcacc.org/archive/dlryr3monreport.pdf

[trytotakeiteasy] 22/4/2015 14:04

scburbs - I didn't even know they had anything there.. something like 70-80% of the asset value is at Wembley Park....

[scburbs] 22/4/2015 13:50

Good news for Quintain's Silvertown site which will benefit from this development.

"Plans for a £3.5bn development of an area of east London have been given the go-ahead."

[quepassa] 21/4/2015 13:41

Positive.

See QED web-site for full release today of which this is an extract:



Quintain appoints Matthew Slade as Managing Director of Wembley Park

Quintain has appointed Matthew Slade to the new role of Managing Director of Wembley Park. Matthew joins Quintain from Westfield Corporation, one of the world’s leading shopping centre companies, where he opened Westfield Stratford City and was General Manager during the London Olympics. His focus at Quintain will be to complete the transformation of Wembley Park into a world class retail and leisure destination,underpinning the substantial new residential neighbourhood that is beginning to take shape.



ALL IMO.DYOR.
QP

[scburbs] 20/4/2015 10:22

Tightening PRS yields will be helping the value of the Wembley PRS portfolio. A move of 125bps is a huge move for a single quarter (Q1 2015).

"In London, zones 3-6 improved the most over the quarter, with yields tightening by 125bps on prime stock and between 150 and 200bps on secondary stock."

Source: EGi

[quepassa] 14/4/2015 10:44

Rare to see such a strong and unified alignment of Broker forecasts.

Barclays OVERWEIGHT Target Price 138p
JPM Caz OVERWEIGHT Target Price 130p
Sanlam BUY Target Price 115p



ALL IMO. DYOR.
QP

[quepassa] 09/4/2015 16:00

Barclays today REITITERATE their OVERWEIGHT recommendation on Quintain with a Target Price 0f 138p (unchanged).

Barclays see a massive 42% UPSIDE to the current share price.

ALL IMO> DYOR.
QP

[maiken] 07/4/2015 19:41

very interesting Que Passa.Thank you.I wonder,however,how much of that additional revenue will go to the relevant employees bonuses rather filter through to shareholders.

[quepassa] 07/4/2015 16:21

Perusing the Schroders Welput annual report and accounts for y/e 30/9/2014, it appears that the Property Adviser ( Grafton Advisers, 100% owned by Quintain ) may or may not have received the following fees:-

1. Advisory Fees net £1,538,663 (£1,174,453)


2. Performance Fees

And more importantly - and if my understanding is correct- Grafton also gets 50% of any performance fee due.

Seems that "A payment of £8,745,869 (30 September 2013: £2,852,992) was made during the year in respect of performance fees."

This means perhaps that Grafton/Quintain would have received 50% of the additional performance fee being some £4.35million.


If my figures are correct, Grafton/Quintain received for 2013 about £2.6million from Welput.

But for 2014 significantly more at about £5.9million.


ALL IMO> DYOR.
QP

[r ball] 18/3/2015 19:25

I don't expect much action until the new FD joins in May.

[quepassa] 18/3/2015 16:20

The weakness in share price is perhaps primarily due -in my opinion only- to the ongoing gaping lack of dividend which has likely been a major catalyst for large institutional holders selling stakes down in Quintain.

For example, two years ago in March 2013, Standard Life owned 10% or c.52million shares.-They had reduced this to around 7% as at 28/10/14.

An even greater influence on the share price weakness over the last twelve months has perhaps been Caledonian Investments who have been selling a lot.

Two years ago in March 2013 Caledonian were the largest investor with a 10.6% stake or 55million shares.-By January this year Caledonian were down to a stake of 6% and on 9/3/15, the stake had further been reduced to less than 5%. That's more than 25million shares sold by Calie.

That is one hell of a lot of shares for the market to swallow.

Why have they been selling? Who knows. But my guess is that they have pretty much given up the will to live of ever receiving any dividend from Quintain within a respectable time-frame.

That their two largest shareholders have reduced stakes in Quintain, reflects poorly in my opinion on the management of the Company and their ongoing inability to produce a shareholder dividend. Quintain stand out like a sore thumb in my opinion against the vast majority of their peer-group who have been paying attractive dividends.

However, the divested shares have clearly been taken up by the market and hopefully this will give other investors more of a say in the Company, hopefully make the shareholding base less dead-locked and even, perhaps, open it up to a bid given the big discount-to-NAV.

The share price now looks totally undervalued in my opinion compared to its NAV of around 118p at a price of around 94p. At a highly attractive discount to NAV of more than 20% in today's burgeoning London market, the share price is more a result of institutional selling in my view than a reflection on the bricks-and-mortar value,improving income stream, low gearing and good prospects for Quintain - albeit that there is still no dividend.

ALL IMO. DYOR.
QP