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 Shares Traded Last Trade
  -1.00p -0.76% 130.00p 4,500 15:31:24
Bid Price Offer Price High Price Low Price Open Price
128.00p 132.00p 131.00p 130.00p 131.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 4.66 2.44 18.50 7.0 89.0

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Date Time Title Posts
04/9/201813:29Undervalued Property Play228

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Trade Time Trade Price Trade Size Trade Value Trade Type
2018-09-21 14:31:17128.004,5005,760.00O
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Alpha Real Daily Update: Alpha Real is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker ARTL. The last closing price for Alpha Real was 131p.
Alpha Real has a 4 week average price of 130p and a 12 week average price of 126.50p.
The 1 year high share price is 141p while the 1 year low share price is currently 121.50p.
There are currently 68,495,906 shares in issue and the average daily traded volume is 3,154 shares. The market capitalisation of Alpha Real is £89,044,677.80.
pavey ark: 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.
hpcg: Indeed excellent for holders. Almost looks like the share price is heading for tender price, as if it were a share count increase not a decrease. Thanks for the calculation scburbs, saves me the time. Pretty compelling value; XD somewhat immaterial.
gersemi: From IC today Alpha Real Trust banks hefty gains There has been a raft of announcements in the past few weeks from Alpha Real Trust (ARTL:126p), a company that invests in high-yielding property and asset-backed debt and equity investments in western Europe, with the aim of delivering strong risk-adjusted cash flows. Firstly, the company's hard ball stance in the takeover situation of small-listed property company Industrial Multi Property Trust (IMPT:330p) has paid off with the bidder, FTSE 250 property group Hansteen (HSTN:128p), raising its cash bid by 10 per cent to 330p a share. This means that Alpha will receive almost £5.2m for its 18.7 per cent stake and there is a strong likelihood that the five-year subordinated loan of £10.3m (including accrued interest) outstanding to Industrial Multi Property Trust, and on which Alpha earns an annual coupon of 15 per cent, will be redeemed before its maturity date of December 2018. If this happens then Alpha will be due an exit fee of 2 per cent. Alpha has now sold its shareholding to Hansteen, the effect of which is to boost Alpha's last reported book value of 153.9p a share by around 2.2p a share. Secondly, Alpha has just agreed to sell a 70 per cent equity interest in its wholly owned H2O shopping centre in Madrid to CBRE European Co-Investment Fund at a 4.8 per cent premium to the latest published valuation of the shopping centre. Alpha will retain a 30 per cent stake in a joint venture to participate in the future growth of the centre. In addition, the company has completed the refinancing of the borrowings secured on the shopping centre with a new €65m (£56.5m) seven-year loan with Aareal Bank. The new margin of 1.8 per cent represents a 70 basis point saving on the previous financing and borrowings are non-recourse to Alpha. By my reckoning the part disposal will lead to €5.4m (£4.7m) uplift on the previous valuation of H20, adding almost 7p a share to Alpha's last reported net asset value of 153.9p. And it gets better... The news gets even better because a few weeks ago the Delhi High Court upheld the award declared in favour of Alpha with respect to its Galaxia investment, a development site extending to 11.2 acres located in NOIDA, an established suburb of Delhi and one of the principal office micro-markets in India. I highlighted the potential for a windfall gain on its investment in the Galaxia project in my last article after Alpha initiated arbitration proceedings against its joint venture development partner, Logix, in order to protect its investment ('Shareholder activism', 22 Feb 2017). The total award has now accrued to £13.8m at the current exchange rate whereas it is held in Alpha's accounts at £5.2m. If the company can recoup this sum in full, and admittedly there is no guarantee it will, then it will add 12.5p a share to Alpha's last reported net asset value of 153.9p a share. Bearing this in mind, Alpha has commenced execution of the award, and the Logix Promoters have been restrained from alienating their Corporate Office in NOIDA as well as their residential home in New Delhi. They have also been directed by the Delhi High Court to submit on affidavit a list of all their assets and bank statements. I understand that the Delhi High Court has issued a warrant of attachment against the primary residential property owned by Shakti Nath and Meena Nath, promoters of Logix. Alpha has had the residential property independently valued at £6m. This offers some assurance that the £5.2m carrying value of the award in Alpha's accounts will be recouped at the very least, and perhaps significantly more on top. In the circumstances, it's hardly surprising that Alpha's shares have risen from 112p to 126p since my last update ('Shareholder activism', 22 Feb 2017) and are now well ahead of the 80p level when I initiated coverage 15 months ago ('High-yield property play', 10 Feb 2016). This partly reflects a narrowing of the share price discount to book value, but also the fact that net asset value per share hit a record 153.9p at the end of December 2016, or 23 per cent ahead of valuations 12 months earlier. For good measure the company has paid out five quarterly dividends of 0.6p a share since I initiated coverage, so has provided a decent income flow. By my reckoning, the shares are trading 23 per cent below my 163p a share estimate of book value, a share price discount that has scope to narrow further. So, if you followed my repeated buy recommendations on this company in the past 15 months, I would run your healthy profits as my 130p target price could prove conservative. Run profits.
scburbs: With the second phase on Monks Bridge GDV is actually £148m. Will be interesting to see what this does to the next valuation as there should be a pretty significant uplift. Share price reaction surprisingly muted.
skyship: Anyone else think this one a bit odd? Looks like a bit of a departure from their normal business model...
skyship: Nick Greenwood, manager of Miton Worldide Growth I. T. (MWGT) recommends ARTL in an extensive article on trusts in this week's IC: ==================================================== Alpha Real Trust (ARTL) was originally an Indian property specialist; however, that market blew up during the global financial crisis before the cash raised at launch could be committed. Its management took advantage of its extreme undervaluation by acquiring 30 per cent of it, and have since increased their holding to around 45 per cent. The trust changed its focus to high-yield property debt and during 2012 related assets such as the Freehold Ground Rent Fund and Property Investment Portfolio were rolled into it, with the assets acquired at NAV. Cash has also been used to buy properties from distressed lenders such as Royal Bank of Scotland. Historically, the assets tended to carry high leverage, but the recovery in property values and banks' renewed lending appetite has transformed the trust's outlook. There is scope for revaluation and refinancing given today's low interest rate environment. Alpha Real Trust also tends to move to its own tune regardless of the general direction of global markets. Alpha Real Trust's managers are clearly good at what they do and when sufficient loose holders have exited, the vehicle is likely to be taken private at a level closer to NAV, once a deal is struck with minority holders. In the meantime, the recently stated objective of steadily increasing the dividend should underpin the share price. The shares yield around 3 per cent and trade at a discount to NAV of 33 per cent.
davebowler: Extract from ARTL website - ART has 19% of IMPT’s ordinary share capital, representing £0.8 million in equity value based on IMPT’s share price, as at 30 September 2014. So I think that's now worth c. £3m an improvement to ARTL's NAV of c. 2.5%
scburbs: Nibbling at a few more of their own shares. Looks like they may be starting an ongoing buy back plan to manage the NAV discount down to a more sensible level. A 10% discount to NAV (i.e. a sensible discount) would be around 40% uplift in the share price from here.
sharpshare: Active UK Real Estate Fund "AURE" Q3 2014 released. "As a result of various value-add initiatives and leasing activity, the portfolio valuation has increased from £43.7m as at 30 June 2014 to £45.2m as at 30 September 2014." "A sale of a vacant industrial unit at 15% above its pro rata valuation was completed during the period. The sale of this vacant unit has helped reduce the overall void level and irrecoverable costs within the portfolio." So total property value up 3.43% in the quarter. This should tend to reduce the LTV on the £9.6m mezzanine loan from ARTL to AURE. Recent news shows that NAV for ARTL is increasing AND quality of assets is increasing. NAV at 31 Dec 2014 stated at 109.1p (before potential uplift from recent arbitration award which could add another £4.6m or 6.5p making NAV around 115.6p) Current ARTL share price 69.2p bid to 70.84p offer. Discount to 31 Dec 2014 NAV of 109.1p of around 35%. Many property companies are trading at a premium to NAV so ARTL could rerate upwards. Current quarterly dividend of .52p making 2.08p per year giving a dividend yield of around 3%. Based on the income expected in the latest trading update it appears that the dividend could be doubled and still be covered by earnings. The flow of A shares into ords seems to have slowed to a dribble, most have now converted. With this tap reducing the share price may respond favourably to ongoing positive news.
scburbs: ARTL is at 54.5p vs NAV of 107.2p for a 49% discount to NAV. It is up a mere 13% from its recent low point in 2013 despite the recent strength of UK commercial property. The mix (debt and equity) is 58.3% UK property, 16.7% Spanish property, 12.7% Norwegian property, 5.7% Indian property and 6.6% cash. Freehold Income Authorised Fund is £13.1m of strongly performing inflation proofed open ended ungeared ground rent fund. Must be worth £13.1m. H20 shopping centre in Madrid suburb is at 85% LTV so whilst in the books at £12.8m probably prudent to value at nil. Alpha UK Real Estate Fund loans total £12.7m and yield around 9-10% with maturity due November 2014. This represents around 73% LTV and whilst the fund has struggled with income performance is now improving. Void rate has fallen from 31.8% at 30 September 2013 to 21.8% at June 2014, valuations also now rising. Results due any day for 30 June quarter, but with the upwards trend this looks close to worth par value, let say 90% or £11.4m. I expect the loans will be extended come November 2014, although may be part repaid. hxxp:// Industrial Multi UK Property Trust (EPIC: IMPT) loans are £11.8m at 15%. The high interest rate reflects that they go from 69% to 83% LTV. There is also another slice of mezz debt (at 11%) before the ARTL slice. Valuations has stabilised and income is set to rise, but still the total interest is not covered (about 10% of the 15% is covered by cashflow). With the high LTV a discount is appropriate, but the higher risk is recognised with the 15% interest rate, so lets say 20% discount, giving £9.5m. hxxp:// Europip is a Norwegian property fund where ARTL has loans of £5m at 9% and equity of £4.4m. Loan is well covered (LTV up to 73%) so should be valued at least at par whereas equity (9% yield) should be discount by perhaps 20% giving a combined £8.5m. Cash is £5.1m. Other investments include an Indian investment worth £4.4m which is in arbitration and I would value at nil and an equity investment in IMPT which I would also value at nil (albeit it is listed and trades above nil). There is £4.8m of investment in UK property in disposal process where assets with value are ungeared. I would value this at £4.4m for a discount just under 10%. There is also Cambourne Business Park at 50% LTV and providing a 12.9% IRR for the minority equity stake. This should be worth its NAV of £1.2m Total valuation £53.2m or 74p. This is a 35% premium to the share price based on some fairly prudent valuations. The share also has a dividend yield of just under 4% (2.1p) to provide some value whilst I await the rerating. Main risk is the fact that Alpha Real Capital manage all the underlying investments. This is somewhat balanced by the fact that the c.31% holding they have in ARTL makes it their most valuable asset so they will keenly protect value. There is a high 2% NAV fee, although there is reference to fee rebates to avoid double charging, but the size of the rebates is unclear. Looks like it is worth a moderate investment having been left behind whilst other property investments have rerated.
Alpha Real share price data is direct from the London Stock Exchange
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