Summit Germany Share Discussion Threads

[davebowler] 24/4/2019 10:43

New thread

[davebowler] 18/4/2019 15:30

Now SMTP Summit Properties

[jeff h] 28/1/2019 11:48

Stonking increase in the 2018 NAV per todays update:-



It will be interesting to see how much Summit receive when disposing of some of its Luxco subsidiary shares in its forthcoming intended IPO.

[jeff h] 29/8/2018 10:33

Thanks dave!

[davebowler] 29/8/2018 10:15

Liberum;
Summit Germany (Mkt Cap £486m)

16% NAV TR in H1 2018

Event

Summit Germany's headline results for the half-year to June 2018 highlight a 14% increase in EPRA NAV per share to €1.41 (December 2017: €1.23). NAV total return for the six-month period was 16%.

The principal reason for the large NAV uplift was a €92m revaluation gain over the period, as flagged in Friday's portfolio valuation announcement. We estimate a like-for-like portfolio revaluation gain of 10%.

Liberum view

The increase was a result of market strength and specific improvements in the company's assets. Investment appetite for German commercial property with high quality income remains high. The office sector has been the focus for much of this demand. Prime office yields continue to fall and are currently 3.1% on average across the five largest markets. Furthermore, strong occupational markets have resulted in high take-up and rapidly falling office vacancy levels across the larger cities.

The portfolio continues to generate a high level of recurring income. Funds from operations of €19.9m (4.3 cents per share) represents a 13.7% increase over the prior year. We expect further improvements following the recent low-cost debt refinancing.

Summit currently trades on an attractive -18% discount to the June 2018 NAV. The company's closest peer, Sirius Real Estate, is currently trading in line with NAV. The outlook for sustainable double-digit NAV returns remains robust given the stable recurring income, asset management potential (10% vacancy, reversionary upside, low capital values) and positive market fundamentals.

[jeff h] 27/3/2018 10:27

Great stuff NAV up over 20%:-



...had some more.

[jeff h] 23/11/2017 18:36

Under the radar but having a great run lately and the latest property valuation will have done no harm either with Liberum now estimating a 26% NAV total return for 2017.

[jeff h] 07/4/2017 17:06

LIBERUM: Summit Germany - Revaluation gain implies 14% 2016 NAV return

Summit Germany's portfolio valuation rose by 4% on a like-for-like basis to
€797.8m at 31 December 2016. The revaluation gain implies a NAV total return of
14.3% for the year (in line with our estimates). We believe strong investment
demand has led to yield compression of c.25bps across the portfolio.

[parsons4] 10/3/2017 07:13

Snouts in the trough that's me off !!!

[davebowler] 30/3/2015 10:59

Liberum;
Summit Germany (BUY, TP €0.95)
Financing on more favourable terms

Event
Summit Germany has completed the financing of an existing 9-asset portfolio with a 7-year, €33m debt facility. An interest rate of 2.1% had previously been announced to the market on 19 January as part of a binding term sheet, but the final rate agreed is 14bps lower, at 1.96%. The €50m shareholder loan which attracted an interest rate of 9.5% has now been fully repaid, saving interest costs of €4.75m per annum.

Summit Germany has c.€90m of free cash available for acquisitions, with detail on deal negotiations expected in the coming weeks.

Liberum view
Today's announcement is the second time since Dec-14 that SMTG has secured financing on more favourable terms that previously agreed in principle. Last time, the company originally announced a rate of 3.4% on its main facility, with a final rate of 3.14% agreed, 26bps lower.

Although today's interest saving only represents c.€50k per annum, it reinforces the strength of the company's banking relationships and negotiation powers, with the interest saving flowing straight through to net income. Our recently published note last month highlights the fact that we believe the ability for SMTG to continue to grow its distribution level is currently underappreciated by the market. We forecast up to 25% dividend growth next year, from 4.8 cents at present to 6.0 cents, representing a FY16 dividend yield of 6.9%.

Recent share price performance has been very strong, delivering a shareholder total return of 28% YTD. However, SMTG still trades on a 12.5% discount to our FY16E NAV of €1.00, and our price target offers a 14% total shareholder return. This combined with the expectation of forthcoming announcements of significantly income acquisitions over the coming few weeks, we reiterate BUY.

[irenekent] 05/2/2015 09:07

On the up again, but still by and large unknown. Maybe IC need telling we exist.

[hannahh] 18/11/2014 15:04

To access our new note on Summit Germany please register for free at

Thanks,
The Equity Development Team

[trustman] 10/11/2014 13:07

Change of FD, normally a negative......but share price rising, and a little turnover.
New FD a good name, or just the fact from outside the company?

[irenekent] 18/9/2014 08:05

Good results today. On the matter of dividends it wouldn't be a bad idea if they paid them in sterling so that we don't have to bear the conversion costs.

[trustman] 07/7/2014 10:08

Agree with divs Irene........and the need for more profile.
With large majority holding they need more PIs.

[irenekent] 30/5/2014 10:58

What this needs is to raise its head above the parapet and attract some interest. I think the divs are safe for the moment - directors interests are aligned with ours I hope.

[trustman] 30/5/2014 10:22

Interesting to see if this time they keep paying the dividend and dont carry too many borrowings.

[irenekent] 26/5/2014 08:09

Don't believe ADVFN Financials on the dividend. Summit pay quarterly in EURO not $US. Other currencies have cents apart from the US dollar.