British Land Share Discussion Threads

[outlawinvestor] 07/12/2019 09:18

Landlords struggle for festive cheer in retail gloom:

26.8% - drop in new shopping centre leases in the third quarter from the start of the year according to Savills. Ouch!

The piece expects knock on effects from the gating of M&G's fund - a wider run possibly taking down some of the better run funds.

[shieldbug] 14/11/2019 08:45

You have to wonder if Griggs tenure is about done. Nothing against him but with a new chairman it might be the right time to have some new executive leadership to deal with the changing property market.

[essentialinvestor] 14/11/2019 08:30

The LandSec buy case is stronger atm.

[quepassa] 14/11/2019 07:54

Might be worth a look under 450p

[essentialinvestor] 13/11/2019 17:34

Cautions take on British Land by Lombard in today's FT,
some fair points made:

[quepassa] 13/11/2019 15:05

If I did not wish to read your posts you would be filtered -
and the same applies ).

MAJESTIC WINE not your finest work though in fairness ).

All IMV etc.

[essentialinvestor] 13/11/2019 14:57

If I did not wish to read your posts you would be filtered -
and the same applies ).

DLAR not your finest work though in fairness ).

All IMV etc.

[quepassa] 13/11/2019 14:45

Well EI I expected you might not like that post!.

At least Land have not bought back their shares as with BLND.

[essentialinvestor] 13/11/2019 14:28

QP, already made the same point on BLND about likely falls in NAV,
several times.

LAND and BLND's NAV need to be viewed with circumspection.

Both LAND and BLND have significantly lower net asset values than 2007 levels,
which is why you need to be very wary of late cycle valuations.

Although I think BLND has greater longer term upside with Canada Water, at this point in
time LAND, which I hold, looks safer. BLND has a higher % of retail assets and also lacks exposure to outlets, which are outperforming the rest of retail atm.

BlND is ahead of LAND, for now, on their flex space offering.

[bookbroker] 13/11/2019 13:22

Already his valued at a large discount to NAV., you may be right where the trajectory is, but yield is what investors want, and net debt is pretty fair!

[quepassa] 13/11/2019 13:18

Looks to me like this share is headed much further down.

Overexposed to the wrong sectors.

Just fwiw I would apply at least a 30% discount to the bulk of their
retail portfolio. The current NAV discount that BL sells on that may be largely illusory imv.


ALL IMO. DYOR.
QP

[essentialinvestor] 13/11/2019 09:52

Yup, need for yield.

[propinv] 13/11/2019 09:49

Same boat here Essential. I suppose people want assets. In a world where people have lost faith in governments, not just UK but around world. People starting to wake up to implications for those governments debt. Where do you put money then? Real estate, Art, Cars, equities.

[propinv] 13/11/2019 09:36

Three waves up to 638p. If you are technical, fundamental, whatever way looking horrible

[essentialinvestor] 13/11/2019 09:05

Bought a very small amount only(primarily as a means of not forgetting this) which I will possibly add to
lower down. I'm cautious on markets atm and heavily in cash -
admittedly been significantly too cautious in positioning since early summer.

[shieldbug] 13/11/2019 08:54

Essential - I am a bit mystified why you would buy at that price? You don't seem to be long here so are you expecting a small increase here with a conservative win perhaps?

I was thinking of selling some to at buy at lower levels.

Agreed the buyback does not look at all good at this point in time. LTV is markedly up.

While the valuation of retail is down a lot the other metrics around retail don't look so bad.

[essentialinvestor] 13/11/2019 08:26

Had a very small amount under 5.64.

Retail looks ugly with a double digit valuation fall - and further to come imv.

Also think their buyback has been a disgracful misallocation of capital.
Debt should have been reduced further.

[essentialinvestor] 10/11/2019 15:38

If they can trade through the next cycle without an equity raise
you can make a buy case - however that remains an if imv.

[outlawinvestor] 08/11/2019 06:54

Dividend payment today!

[stavros28] 28/10/2019 21:05

Sold three quarters of my position last week , could get a little more upside to £7.00 but will quickly sell off thats the top end valuation.

[outlawinvestor] 08/10/2019 11:39

From IG feed:

British Land Company : Credit Suisse cuts target price to 540p from 620p

[outlawinvestor] 04/10/2019 06:23

TOP NEWS: UK High Street Suffers Worst September In 8 Years

[outlawinvestor] 03/10/2019 09:17

JEFFERIES CUTS BRITISH LAND PRICE TARGET TO 424 (444) PENCE - 'UNDERPERFORM'



Any ideas behind their rationale?

[outlawinvestor] 03/10/2019 06:11

We are ex-div today!