Share Name Share Symbol Market Type Share ISIN Share Description
Alpha Real LSE:ARTL London Ordinary Share GB00B13VDP26 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 131.00p 128.00p 134.00p 131.00p 131.00p 131.00p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 4.7 2.4 18.5 7.1 89.73

Alpha Real Share Discussion Threads

Showing 226 to 247 of 250 messages
Chat Pages: 10  9  8  7  6  5  4  3  2  1
Mind you, I think none of FIAF's freeholds are of the toxic variety. See post 188.
Thanks hpcg for pointing that out
Do not understand the economics of doing a buy back for just 1k of shares. Was not expecting the news of the Hamburg purchase. Given the way the rest of my portfolio is structured have no strong views either way,
The market seems to have yawned at this morning's update and that- to me- is a logical reaction. Steady progress in Frankfurt, PRS and mezzanine loans, although NAV increase not great As mentioned in the AR, FIAF reduced by £3m in the quarter. Also note that have sold a further £6m, since June end. Not terribly keen on this as I always have regarded FIAF as a safe asset and note that 2017 annualised return was 8.9pc. I would not have expected them to discuss discount management in a Trading statement and be interesting to see what if anything they say in the Interims. I do not see myself buying or selling in the foreseeable future.
I guess one reason ARTL would give for not increasing the dividend and also perhaps for not doing share buy backs is the £38 m of investment identified for PRS and Frankfurt. In addition if you look at their cash flow statement, cash from operating activity in the last two years has been negative and pretty much break even in previous years. Given that in the PRS schemes they have yet to sign construction contracts and are fine-tuning the construction plan there will not be much change from four years to build, fit out and start to collect rent payments.
31 /3 /2018 NAV 172.9p ART currently focusses on high-yielding property, infrastructure and asset backed debt and equity investments in Western Europe that are capable of delivering strong risk adjusted cash flows, including build-to-rent investments. The current portfolio mix, excluding sundry assets/liabilities, is as follows: .........................................31 Mar ...........31 Mar ...........................................2018........... 2017 High yielding equity in property investments: ..............................21.7% 47.1% Ground rent investments:.................... 24.3% 18.8% Build-to-rent investments: .............28.2% 9.7% High yielding debt:.................... 11.0% 14.2% Other investments: ...................9.4% 8.2% Cash: ........................................5.4% 2.0%
Part of the reason for the share price increase was the 4p NAV increase in Calendar Q1 2018 and generally upbeat comments in the AR and good progress on PRS and Frankfurt. I have gone through the AR and have no major comments; obviously following the August 2017 sales of 70 pc of H20 and the consequent change in accounting treatment difficult to make comparisons of the P&L. Note that in this last quarter they ran down £10m of their investment in Elm and increased their investments in mezzanine loans by £7m and I guess the rest of the cash would have gone for ongoing investment needs of PRS and Frankfurt. Note no charge in shareholder base; the top seven shareholders this March were the same as March 2016 and the only one who had changed their shareholding by more than 1pc was the second largest Billien who went from 20.44pc to 22.29pc. This explains why the bid offer spread is so great. I am not sure what to do here; my instinct would be reduce my exposure but as my online stockbroker would not allow me to buy them I had to buy them from my full commission broker. I do not see much downside and if not India then either PRS or Frankfurt could give us some modest upside. Be good if they could increase the dividend and do some buy backs- I could see no commentary in the AR on how they plan to deal with the discount going forward. They could spend some of the £3m they have got back from FIAF-see note 22..
ST tip update in IC. Discusses big potential uplifts on PRS schemes. About £13m on Birmingham. Leeds 4 times bigger so expects big gains there as well.
horndean eagle
No idea, but welcome
Well it looks even more positive for ARTL than it did (and it did look very positive). The Indian Supreme Court looks to have given the nod to ARTL but nothing is 100% certain. With the Indian property on the books at £4.9m and the current value of the claim at £14m there is certainly plenty of upside here. If ,as I expect, the Supreme Court finds for ARTL then we could see a reasonable jump in the share price or the discount to NAV.
pavey ark
Rather a terse goodbye to Mr Sage as a director but as he seems to be very much HK focused and ARTL have not to the best of my knowledge shown any interest in that part of the world not sure what value added he could bring. I have more than perhaps I want in them and till this announcement ARTL have been rather out of sight out of mind. Nothing really wrong with them and trade at a decent 25% discount to December NAV but given that 60% of assets are in UK property not clear what can cause a rerating. I note they have not used their authorization to do buy backs and of course the dividend at 2% yield approx is not exciting.
Thanks for clear explanation scburbs
As at 31 December 2017, the unaudited NAV per ordinary share of the Company was 168.4p
Hi Cerrito, They had only exchanged contracts previously, but hadn’t actually paid for the acquisition.
Nanny knows best!
martincc - they can't stop you selling! KID is there to "protect you" from buying something where you might not understand the potential losses. Yes - I have indeed had the same problem though I haven't tried to actually buy any, but HL sent a warning message that they didn't have a KID.
As far as I read it the target is to buy back 24.99% of existing shares in issue
tried to add yesterday but told by ii that ARTL have not supplied the new KID/KIDD documentation so I can neither buy or sell ARTL in my nominee SIPP account Anyone else had the same problem?
Good that they are doing the buy back but if they do spend the £1m they will buy approx. 700k out of current shares outstanding of 63m so will not move the dial much. I see that in the FY ending March 16 they spent £953k in buybacks as well as the £1m spent in the half year to 9/17.
tipped in the IC
Had a run through the ARTL interims. My first reading was that they are being a bit mean with dividends given the strong cash flow and cash balances and lack of direct borrowing resulting from the H20 sale and AURE loan repayments; also that they are parking £15m in Elm Trading for a short time. I guess they would say they have a further £22m in Frankfurt data to invest and are about to disburse a further £3.6m in mezzanine loan investments; also talking about investing £23m in PRS schemes although one suspects that some of this will be financed by them entering JV arrangements. I appreciate there was little take up of the Tender Offer but given the wide discount could have thought they could do some buy backs when stock is available…who knows might even reduce the wide bid/offer spread, which is a major inconvenience of holding this share. See that their JV with Albion does not seem to have taken off; too bad that as an Albion investor I missed the chance to bring this up at the Albion investor day. Note that a fall in revenue –especially rent. I suppose partly due to H20 but given that that was sold in early August surprised that so great a fall. I continue to have as much as I want -annoyed with myself of course for not having sold at 130p+ but do not anticipate selling especially at these levels. Have very little UK property exposure-apart from my holding in this. To be honest having difficulty in seeing the catalyst that will drive the shares all that much higher and content myself with the measly dividend and what appears to be good assets. PS Obviously given the discount one could think in terms of a hostile/semi hostile approach but I think we can discount that here given the shareholding structure(I assume Billien is affiliated in some way-could not get any info) and the fact that assets are managed by Aplha-who I see continue to manage the H20.
While I am sure Catalonia will calm down it will cast a shadow over the Spanish economy so ARTL must have been prescient in selling down H20.
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