Share Name Share Symbol Market Type Share ISIN Share Description
Alpha Real Trust Limited 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
  0.00 0.0% 184.00 182.00 186.00 184.00 184.00 184.00 6,200 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 3.2 2.7 33.1 5.6 123

Alpha Real Share Discussion Threads

Showing 1 to 13 of 325 messages
Chat Pages: Latest  1
I like the look of these, given the huge discount and the fact they do provide quarterly dividends (c.4% p.a.). Freehold Income Authorised Fund is a solid inflation proofed low risk ground rent investment with no gearing. This gives them 23.7% of the fund which shouldn't really trade at a discount. With them trading at around 50% of NAV, this leaves the other 72.7% of the investments valued at around a 64% discount. I agree with previous comments that discount looks too high. Particularly with valuations having stablised and started to improve (with vacancy levels reducing) in the two UK funds they are invested in or mezz lender to. I will post a more detailed analysis later. One key issue seems to be fees. A fee of 2% of NAV seems high for a mezz/preferred equity provider as well as high for parking surplus liquidity in a ground rent fund. There is reference to rebate being obtained due to the underlying funds being managed by Alpha Real Capital LLP group which could make this less of an issue. However, at £1.7m the investment managers fee being reported is just over 2% of NAV. Does anyone know where these rebates are shown?
KPI's were not wildly exciting. It is a high risk portfolio but the discount appears to be too large.
Why is there no dividend yield showing? I am getting a divi.
I think that this looks good value. Bit confusing with mgmt. taking fees and investing ARTL in other funds where the same mgmt. takes fees, but invested funds rebate fees to ARTL so only paying one set of fees and Alpha Real Estate owns a large part of ARTL, so unlikely to hurt their own investment. As Spain continues to improve, its likely that the Spanish shopping centre will increase its occupancy rates and rents, which should all flow through to the bottom line for ARTL. Finally, ARTL has a bit less than 40% in cash/FIAF, which they are looking to reinvest in higher yielding assets. If they are able to reinvest the assets at 8 to 10% return, then the dividend will also likely be significantly increased and the market could rerate the shares accordingly. All IMHO and DYOR.
Yes, I'm tempted to go further with ERET as the discount has not narrowed as much as I would have expected. I looked at LSR {possibly missed the boat} but was bothered by the high LTV and the swaps. I do not agree with the view that negative value in swaps can be discounted. Look at SREI - a great success story but the swap value had to be crystallized to achieve it. But do recognize that the high gearing could do very well for LSR if there is a respectable pick up in commercial property.
colonel a
Colonel Well done with ERET ! I'm sure there'e another good 50p to come in the not too distant future, more in the long term. Have you had a look at LSR ? UK prop company liquidating itself with a good discount to NAV.
At a 53% discount to their last NAV there have to be some serious issues. I've got about 1/3 as much in these as I have in ERET, which reflects relative confidence. But appreciate the sanity check, it is easy to get carried away when a sector is going well and assume the trend will carry all before it.
colonel a
Colonel The question is what is the true NAV of this one ? If AURE & AUMP go into administration what will be the recovery rate on those loans ? The Spanish property obviously has a value, but is it booked at fair value in the accounts ? Legal goings on with the property in India and what about the exchange rate ? These trade on a thumping discount to NAV, so it's not all bad. Just not as good as it first looks, I suggest. I might have another look at these in the future but will give it a miss for now. Good luck.
Thanks, I'll look into the fees in more detail, I can live with risky investments but snouts in the trough puts me right off.
colonel a
I'd be careful with this one. Their loans to AURE & AUMP look dodgy. Total investment £ 14.7m representing 21.98% of their investment portfolio. Both companies struggling to extend banking facilities. Can't find out anything about their loan to Norway. 20.78% of their portfolio is invested in a Spanish shopping centre. Their property in India (7.4% of their portfolio) is involved in an "arbitration process" to protect the investment. Not sure how these valuations would stack up against their book value, but I'd certainly be worried about the true value of the above, which combined represent 50.16% of ARTL investments. The only sound investments I could find was in Freehold Income Authorised Fund, which in turn is invested in ground rents. Safe as houses, but only yielding 5.2%. Cambourne business park looks good, but represents just 1.8% of their portfolio. Interestingly ARTL pays an "Investment Management Fee" to a company called "Alpha Real Estate Capital LLP", as does, er, each of it's subsidaries. Bit of a gravy train going on here I think.
There are fewer and fewer property companies at a significant discount to NAV. This one is not easy to figure out but I've bought some on the basis that property generally seems to have bottomed out and ARTL seem to have enough cash to profit.
colonel a
on board with these looks like some upside.
Quiet a defensive structure here, with prospect of 5% yield and with price at 40% discount to NAV. It will be interesting to see how the investment in AURM and AURE turns out. Not worthwhile converting, but AUMP and AURE would have difficulty repaying so ARTL should be in a good position to change terms
Chat Pages: Latest  1
Your Recent History
Alpha Real
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20200119 15:53:03