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 Shares Traded Last Trade
  0.00 0.0% 185.00 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
182.00 188.00 185.00 185.00 185.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 3.24 2.73 33.10 5.6 124
Last Trade Time Trade Type Trade Size Trade Price Currency
09:57:40 O 25,000 185.00 GBX

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Date Time Title Posts
29/9/201906:25Undervalued Property Play317

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Alpha Real (ARTL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-10-23 16:15:00185.0025,00046,250.00O
2019-10-23 16:15:00185.5025,00046,375.00O
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Alpha Real (ARTL) Top Chat Posts

Alpha Real Daily Update: Alpha Real Trust Limited 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 185p.
Alpha Real Trust Limited has a 4 week average price of 173.50p and a 12 week average price of 171.50p.
The 1 year high share price is 185.50p while the 1 year low share price is currently 131p.
There are currently 66,902,342 shares in issue and the average daily traded volume is 6,364 shares. The market capitalisation of Alpha Real Trust Limited is £123,769,332.70.
pavey ark: With the Birmingham site under offer (£4.9m) and the recent purchase funded by treasury stock there is certainly potential for a sizeable boost to income. The £4.9m will probably go onto their loan book and the yield from the property fund is 8.5% I doubt if either will greatly increase admin expenses but even so 10% on the £4.9m (conservative) and a net 7% on the £10m invested in the fund gives £1.2m. This £1.2m should end up very close to the bottom line. I would think that given the new profile of the company the dividend would certainly rise, as will the share price. A 5% yield on 200p would cost £6m/year I'm not suggesting this will happen this year but it looks like the company is heading for a steady and sustainable c. 10% total return/year. This return will be from loans and property investment returns but I don't think they can resist a bit of capital gains return and they are rather good at that. NB: number of shares is now 59m
davebowler: It could be a very positive sign that the Alpha UK Property Fund has accepted ARTL shares in lieu of their unquoted holdings.Are they looking forward to good news from ARTL's expected payout from India? In any event it looks like its had an effect on the share price.
pavey ark: This is from IC but from six years ago so I think I can post it. This review of the company brought ARTL to my attention six years ago but the comments made still look pertinent. Nick Greenwood, manager of Miton Worldwide Growth Investment Trust "Alpha Real Trust (ARTL) has a NAV of 106.7p, but this is probably out of date (property portfolios are only revalued a few times a year) and it is starting to pay out dividends. If you buy it at a deep discount of 52.44 per cent you will get a much higher yield than the risks you take on from buying the shares. The management team's policy seems to be to allow the share price to languish while using the trust's cash pile to retire any stock which becomes available, thereby ratcheting the NAV higher as a result and increasing management control. The team are clearly good at what they do and no doubt once sufficient loose holders have exited, the vehicle will get taken private at a level closer to NAV. In the meantime, the recently adopted policy of distributing cash flow by way of a dividend should generate some useful returns."
davebowler: I'm pretty sure they intend to do what they stated,to use the cash to provide more commercial loans. If so, RECI is vaguely similar. Maybe they hope that investors will recognise this and push the share price to NAV like RECI.
pavey ark: IC update noon today. Nothing that hasn't been said here but again nice to see it. At the end of fairy detailed report:- "Please note that following the introduction of MIFiD II, your broker may require you to pass a sophisticated investor assessment prior to being able to deal the shares. It would pay to do so because with Alpha’s shares trading on a 22 per cent discount to NAV, and the investment risk firmly skewed to the upside, new share price highs beckon. Buy."
pavey ark: I've been number crunching this morning but mainly shares I hold and I felt I need an update on some. Giving the old calculator a bit of a rest I had a few random thoughts on where ARTL is and try and figure where it's going. My pet theory is that it will be taken private but it's only a theory so perhaps it would be better to look at the actual situation as it exists now. The only non income producing holdings are Birmingham and India and a very large pile of cash. Birmingham may be sold and India MUST come to a conclusion (hopefully before all interested participants are dead !!) but we know something about the cash. "ART is currently planning to allocate the proceeds from its recycled capital to augment and diversify its portfolio of secured real estate senior and mezzanine loan investments. This is expected to increase the company's current earnings." Giving the weightings and ranges of interest quoted by the company for their loan book I suspect they are aiming at c 13% return on the total loan book. One way to reduce the massive discount is to drastically increase the dividend as high dividend funds are rarely at large discounts. If the share price is 180p and the yield is 6% then the dividend payment is 10.8p the existing dividend payment is 2.4p so 8.4 p to be found.(more as ground rent income has gone) A 10% return from the current cash (c. £70m without Birmingham and India) would give 10.4p/share. All of this is VERY hypothetical but if the cash is invested in the loan book then the cash generated will be significant but I would also expect them to dabble in things like the German industrial site for some diversification. One thing is sure, the recent increase in dividend will not be the last and that alone should narrow the discount. Edit: from the 2014 results:- --" 94% of the Company's investment portfolio is in income producing investments in the UK and Europe" Perhaps they are getting back to basics and have a much larger pile of cash to play with. Worth noting that they have doubled the NAV/share in five years and that is 15% COMPOUND for five years excluding dividend.
red army: Still too much of a discount offered on share price IMO.
pavey ark: db, yes but only a 25k order and that was after your post. The rather derisory share price increase is largely negated by a massive spread. We have had a 27p increase in asset values, a massive £40m cash realisation and nothing really has happened to the share price The big clue here was when a senior director bought a million pounds worth of shares. This substantial share purchase was simply ignored here and now we are waiting for Simon Thompson to state the bleedin' obvious.
pavey ark: Results as expected with the exception of the Monk Road carrying value. I think that it is worth noting that a valuation of 9% of a GDV is erring rather heavily on the cautious side but it will all be sorted out in due course. My target here is 15% compound share price growth for the next three years or £2. Given the current projects in hand things may even go better that that but 15% would certainly keep me happy.
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.
Alpha Real share price data is direct from the London Stock Exchange
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