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
  +0.00p +0.00% 152.50p 6,000 07:49:37
Bid Price Offer Price High Price Low Price Open Price
150.00p 155.00p 152.50p 152.50p 152.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 4.66 2.44 18.50 8.2 102.0

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Date Time Title Posts
24/4/201910:47Undervalued Property Play284

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Alpha Real (ARTL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-05-23 15:49:12152.0011,65017,708.00O
2019-05-23 12:46:33150.255,0007,512.50O
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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 152.50p.
Alpha Real Trust Limited has a 4 week average price of 149p and a 12 week average price of 139.50p.
The 1 year high share price is 163.50p while the 1 year low share price is currently 125p.
There are currently 66,902,342 shares in issue and the average daily traded volume is 15,034 shares. The market capitalisation of Alpha Real Trust Limited is £102,026,071.55.
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.
cerrito: Glad that I have a bit of time to consider the tender offer; given recent share price history and relatively wide bid offer spread, 138p has its attractions but do not need the cash and still at a huge discount. I guess there will abit more uptake than that of this time last year at 123.1p
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.
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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