Treveria Share Discussion Threads

[pre] 12/4/2011 09:36

staggeringly low mkt cap based on these results....share price got to be worth at least double from here....well cheap imo and agree with you salver2...

[salver2] 12/4/2011 09:09

excellent results shares in relation to nav far too cheap

[timanglin] 07/3/2011 20:51

if silo C is a dead duck, then the management should just drop it? Essentially the silo C properties make it difficult to understand the figures, because we dont know how much admin costs are and how much rent is generated by silo C properties. It could even be that the management and shareholders of TRV are paying to manage Deutche banks properties(taking into account Deutch bank have apparently already filed for insolvency) in silo C. Really the management should consider splitting the remaining silos into different companies? I am currently not a holder, although was up until the steep rise to 17 eurocents.dyor, imho. Other opinions welcome.

[praipus] 03/3/2011 15:35

Thanks ydderF interesting guess.

Not sure how I'd missed it before but the presentation on the website from June 2010 is rather interesting.

[ydderf] 20/2/2011 04:04

priapus - my guess is that the valuation, 30th June 2011 will reflect the changing market, and much could go wrong if monetary conditions deteriorate, but do your own calculations based on a yield compression or expansion of .5%.

For property previously valued on a yield of say, 8% this will reduce or improve its valuation by 7%.

Apply this to a portfolio of 1.4m (see Proforma BS from last Interim).

Assuming 600m shares the current proforma nav of 30c would be around 46c if the change were on the positive side.

Of course the main benefit of improved market conditions would be to dispose of assets.

[praipus] 19/2/2011 20:59

Hi ydderF, sounds like good news, what do you make the NAV to be here now then?

[ydderf] 19/2/2011 14:22

these are now arguably very cheap, allowing for a slight uptick in german commercial investment values (do some desk research for confirmation of better tone in recent weeks)- for such a highly geared play the nav effects would be stellar

[praipus] 16/2/2011 11:13

Weiss Asset Management buying even more


To track the rest of Weiss Asset Management's holdings with charts by clicking here .

[praipus] 08/2/2011 08:23

Mid price +5% share buy back

[praipus] 03/2/2011 17:09

Actually if Weiss feel things are so out of control they need to put someone on the board its probably a bad sign short term.

[praipus] 20/1/2011 13:08

Eitan Milgram appointed good news IMHO.

[praipus] 18/1/2011 10:33

Cerrito what do you make the share price discount to NAV now?

[cerrito] 16/1/2011 21:33

not that I am aware of Praipus...current price seems pretty fair and I have no reason to add or to sell

[praipus] 06/1/2011 16:13

Is there an EGM/AGM on the 20th January?

[praipus] 19/11/2010 09:54

Thanks Galvey the report it brings up is current but it has an audio attached which seems to be talking about the 2008 accounts!

[praipus] 18/11/2010 12:37

What is the easiest way to track the NAV here?

[22hoper] 13/10/2010 12:05

Think this gives the gist, very promising.


RTTNews) - Treveria Plc (TRV.L: News ) reported a first-half loss that significantly narrowed, reflecting a sharp reduction of deficit on revaluation of investment properties.

Loss for the period was €0.76 million or 0.10 cents per share, versus a loss of €174.34 million or 28.60 cents per share in the same period last year. On an adjusted basis, the company reported earnings of €5.7 million or 0.94 cents per share, compared to €9.42 million or 1.56 cents per share in the prior year period.

Results for the period includes unrealised deficits in the value of investment properties of €4.0 million compared to €179.9 million in the year-ago period.

Operating profit for the period was €45.9 million, versus a loss of €124.9 million in the same period prior year.

The company's gross rental income declined to €69.8 million from €71.9 million in the comparable period previous year

[22hoper] 13/10/2010 12:00

Treveria is a big German company, and anything German seems to be the flavour of the moment.

[22hoper] 13/10/2010 11:33

Buyer who increased their holding was QVT financial fund

[22hoper] 13/10/2010 11:30

Have just purchased a few.Looks interesting with big investment company buying more.

[cerrito] 24/9/2010 11:22

Been going through the interims.
Good to see that in the first half property valuation only fell by 0.2% and perhaps given recent pick up in German economy and retail there may even be in the second semester a modest revaluation. Indeed I note that the property valuation at both 30609 and 30610 was E1.837b.
Alot of what they say about expanding the cost base to improve the asset management makes sense and also makes sense to close London office. Seems sensible that they are spending cash on tarting up the properties.
Somewhat surprised at the slow rate of property sales
The RETT issue will be a cloud over the company till final resolution which I guess could easily take 2 years. Move to IOM seems sensible and makes even more remote that Teveria PLC will have to pay the tax.

Note that they had E100m in cash at 30610,E 36m of which was cash trapped and of the remaining E64m, £53m was held by the parent so it seems that the other E11m was held in silos E G and J.
There is a useful presentation of the interims on the Treveria website- -. This rather alarmingly shows that the ERV of the vacant space increased from 7.86% to 10.83% in the first half.I guess that justifies the increased investment in personnel. Would have preferred that more voids be in C as the reality is that this is a writeoff. I am comfortable that what caused most of these vacancies especially the cancellations of C and A were a one off event and that we are unlikely to see a repetition of this now that the retail market in Germany has stabilized and of course management is now more on the ball..
Not entirely happy with the news of the RNS of September 15 that we no longer enjoy the protection of the City Code especially given shareholder structure and for me that represents a penalty of about E2c a share- a somewhat arbitrary figure I grant you.
Makes sense not to have an interim dividend and i am wondering if we will be getting any dividends soon. I guess they will want to keep their powder dry as they get into restructuring negotiations with the banks as having the ability to make a partial cash payment will be a useful negotiating tool.
Glad I bought some more a couple of months back; do not see any reason for the share price to move much higher in the immediate future but comfortable with what I have got.

[m1keg] 16/7/2010 07:30

You are correct the wording of their report did state that they didn't think the government could get the money from the parent. However, if they don't pay at silo level then the government will have every right to take legal action and that will affect almost every silo. Each one could be technically bankrupt?

I hope you are correct but the wording was too vague and that normally means a company is trying to put a positive spin on the news. Lets just hope that not much is due. Then the next RNS will start with.. In an spirit of generosity towards the government we have decided to pay from the parent....