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CAL Capital & Regional Plc

51.80
0.00 (0.00%)
Last Updated: 12:30:11
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Capital & Regional Plc LSE:CAL London Ordinary Share GB00BL6XZ716 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 51.80 51.40 52.40 - 4,771 12:30:11
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Capital & Regional Share Discussion Threads

Showing 2576 to 2598 of 2800 messages
Chat Pages: 112  111  110  109  108  107  106  105  104  103  102  101  Older
DateSubjectAuthorDiscuss
17/5/2019
10:28
Agreed - irks me how they can release such a rosy-sounding t/s, by simply omitting the reality and reason the share price is trading at such a low % of NAV. ie that NAV, and the resulting effect on breaching bank covs, is key.

Much the same as INTU really.

BLND's t/s this week was interesting - the drop in valuations were eye-watering, and well hidden. Something like 11% drop for retail overall, but c.30% NAV drop for dept stores. Offices etc all held up fine.

spectoacc
17/5/2019
09:35
Burying the bad news that DEBS have cut the rent by well over 30% The impact will be felt on all future rent reviews and lease renewals

Unsure on how valuers will perceive the covenant status of son of DEBS either

What does look to be the case is that rentalincome has peaked How further it is eroded is anyone's guess

hillofwad
17/5/2019
06:36
T/S reads well to be fair, but I'd take strong issue with:

"We believe our management capability is a valuable asset in the current environment."

And zero mention of debt/valuation/covenants.

spectoacc
14/5/2019
15:36
Agreed re debt holders - assuming there's something valuable left!

Tried to find out if CAL was in a closed period (hence no director buying), but they wouldn't talk to me unless I was a shareholder! Potential shareholder wasn't sufficient.

spectoacc
14/5/2019
14:02
A quiet thread is often a good sign, but I still don't see how CAL can survive the retail fallout, with the debt level it's starting with, and the state of its assets.

Quite a bearish note out on INTU yesterday too - they ought to RI whilst they still have the chance, but perhaps Whittaker's holding rules that out.

spectoacc
09/5/2019
19:41
Couldn't agree more - and any chance to RI and reduce debt seems to have passed them by. Immensely unimpressive management but at least they're spending time on the remuneration policy eh.
spectoacc
09/5/2019
19:39
Remuneration policy changes: so, the Board is adopting a policy "necessary for retaining the right talent in order to achieve successful outcomes to the challenges facing the business".......how about a CEO that starts acting collaboratively with stakeholders rather than confrontationally? In the end you reap what you sow, and CAL's market cap reflects what the market thinks of it, its CEO & its prospects. Retail is doomed as we know it, the high street likewise & CAL's business model and management culture has to change & adapt or ........

All imho & DYOR

swindon41
09/5/2019
15:35
RNS today:
" that the maximum combined incentive award potential in any year (300% of salary) will be adjusted downwards to reflect the year on year reduction in the profit outturn (if any) or if the shareholder return over the same period has been negative."

Well that's OK then.

spectoacc
07/5/2019
08:12
Very volatile!
markyjacob123
12/4/2019
11:41
For balance....... DEB-effect isn't just on rentals, it's service charges too under threat, and it's the rolling impact on other stores which will see footfall suffer and in turn they will play hard ball on rental reviews and renegotiations as frankly city centre 'sub prime' Malls like CAL's in luton are where only the mediocre stores want to be.....yep, the yield at 14% looks very tempting, but how sustainable? It looked tempting when the share price was 35p and then more tempting at 30p, but like clothes out of fashion, it may get a whole lot cheaper yet. Upwards-only rent reviews are now dead, high street shopping as we know it is dying and has to reinvent itself, the old business model of marginal operators like CAL is dead. Smell the coffee.
swindon41
09/4/2019
13:19
For balance - whilst the largest tenant (of over 400), DEB totals 5.72% of the CAL rent roll.
belgraviaboy
09/4/2019
12:41
Going cheap like DEB?

Gutted for staff, suppliers & creditors .......Debenham's landlords and equity holders are going to get a hit here..equity wiped out, bond holders call the shots. Admistrators have no choice but to demand immediate rental cuts across CAL portfolio. Make no mistake , if Mike Ashley then buys the shell from the administrators, CAL are stuffed regarding ANY existing rental,assumptions. High street retail on its knees, top shop next? Can't see how CAL are going to fill those empty stores - M&S , DEB huge shop,floor space going to take a miracle to fill it. Rentals - and then cash flow, and then divi's - are all heading one way.
Looks cheap at 25p but won't if it's 15p in 6 months time. People buying DEB at 5p thought it a bargain. DYOR?

swindon41
22/3/2019
11:49
More bad news today from Debenhams.....I feel for their staff.

This will impact on CAL make no mistake. Mike Ashley will take control, close stores, make it even more cheap and cheerful....AND play hard ball on rental forgiveness and rent reductions.

For CAL, th challenge is how can you fill the space vacated by M&S and now Debenhams with more "low rent community space" and not take a further big hit on rentals and cash flow? That yield looking a little more shaky. All imho. DYOR?

swindon41
21/3/2019
12:01
Thanks for the investment lesson Marky.....I know who to turn to for advice in future. Net Debt acc to the annual report is increasing - by 2%. Perhaps you could advise CAL that their report isn't factually correct

The fact that peers are also struggling kinda makes my point don't you think? Avoid the sector or select those that stand out for good reasons and that work WITH local towns & communities not AGAINST them. CAL appears hellbent on driving the people of Luton against them and ultimately that will back fire as footfall already shows and long term sentiment is driven down. This imoakcts on rental demand, alongside the huge rental space about to be given up by M&S - and in all probability Debenhams.

Institutions are watching very carefully how CAL handles the next retail assault after Brexit.

By the way, ask CAL about rent holidays and other incentives needed to keep up rent premiums that don't need to be declared in the accounts but DO impact on the life blood of CAL - cash flow. Also take a careful look at rent arrears and bad debts - these will be coming under increasing pressure but may not Be fully provided for - it's an accountants' art on how to massage the books for investors but doesn't represent the actuality of bloodshed on retail high streets. I should ask CAL what their accounting policy is on this.

Add all these together alongside a long drawn out legal battle & QC costs - and a massive distraction of management time - that CAL seem set on as they are running scared of the newly approved Newlands mixed development in Luton, and no wonder the stock price is falling to an all time low!
It's your money, and good luck if you choose to invest your savings in CAL when you can achieve dividends on far safer more reputable stock elsewhere? I know where my hard earned is going and it ain't in the high street!

swindon41
15/3/2019
11:26
Wow swindon42 - clearly the dividend cut has made you very angry.

I will address your points as they are very uneducated and you are clearly oblivious to the retail turmoil out there and the impact it is having on shopping centre landlords like C&R (and Intu, and Hammerson)

- The CEO only joined a year and a bit ago. He did not buy these assets, he inherited them. Key point.
- Losses are not deepening. In fact, profit was up 4.8%. The losses you maybe warbling on about are due to a 11% decline in asset values, which has been driven by poor sentiment to real property by property valuers, NOT unique to C&R but happening across the board at retail property companies
- Debt is not increasing. Leverage is increasing (the loan to value). As the Value part of the equation is decreasing, the LTV rises. Funny that!
- The covenants are set at 70% (read the annual report!) so the company is fine there
- Net rental income is actually up, i.e. they grew the rents
- The dividend was cut as they say to save capital to invest in the "tired and dreadful malls" as you call them. So you criticise the fact the malls are rubbish, but you do not want them to invest in them though (by cutting the div)? Again, you're talking gibberish
- The new dividend is still 8.5% yield, hardly hard times

There is no doubt the company is suffering from tough retail markets, but that is no surprise if you read any news source! I would suggest you read things properly before posting drivel up.

markyjacob123
14/3/2019
13:56
Results - in short worrying. Oh dear, Laughable Larry the CEO who seems to attract self-inflicted mistakes - ask the Board of 2020 inc his recent goof that alleged they have been trying to poach 3 of his tenants in Luton - has just dropped another clanger.....however hard he tries to get his new CFO ( an inside appointment after a failed external recruitment exercise) to window dress this, these results are v worrying if you ar long: Losses deepening, NAV falling, and debt increasing. How long before covenants breached Larry?
And it's going to get worse - Luton BC this week approved a large out of town mixed use development just 3 miles from CAL's tired & dreadful Mall. CAL campaigned long and hard against this citing it would damage irreparably the Mall and town centre. You make your own mind up. Either way it's getting worse which is why Loopy Larry is going to Judicial Review at a cost of millions in expert legal fees. Why? Because the guy is on a testosterone trip & can't swallow being beaten?

But don't worry about your investment folks, at least the dividend is safe and sound as some of you have been spouting. Oh no, hang on a minute............

By the way, my short is doing just fine. This is heading one way, just like high street retail. You decide which way - up or down?

swindon41
14/3/2019
09:56
FY divi of 2.42p gives yield of around 8.5% on current share price of just over 28p. The intention is to maintain dividends at this level (see final sentence of dividend statement below) but there must be risk in achieving that. I've sold this morning at 29.75p and may return if prospective yield goes into double figures again.

Extract from RNS:

Dividend

The Board is recommending a final dividend of 0.60 pence per share taking the full year dividend to 2.42 pence per share. This represents a decrease of 33.5 per cent over the 2017 full year dividend of 3.64 per share.

The Company has been actively exploring financing options to underpin its Capex plans. The Board has concluded that adjusting the dividend and agreeing a new Capex facility for the Hemel Hempstead loan to support the Cinema development along with increased headroom on the rebased Revolving Credit Facility is the best option for the company at this point in time given current uncertainties in occupational and investment markets. The cash preserved will assist in mitigating leverage and maintain investment in the Company's capital expenditure initiatives, which in the longer-term are expected to support earnings growth.

The proposed dividend, together with the interim dividend paid in October 2018, substantially fulfils the Group's UK REIT obligations for the 2018 Financial Year. Dividends for the short to medium-term are expected to be set at around the same level (2.42 pence per share per annum), subject to material retailer administrations and the Board's intention to meet its minimum REIT distribution requirements.

redhill9
14/3/2019
07:34
Dividend slashed
belgraviaboy
13/3/2019
16:25
Toped up at 31.12p today. Results out tomorrow. Expect final div to be similar to intrim at 1.82p as a fully covered PID, which equates to 11.7% yield.
2wild
07/2/2019
11:39
At 13% yield these are tempting BUT RETAIL INDUSTRY!!!......Someone please convince me. Thanks.
eggbaconandbubble
25/1/2019
14:35
Am I missing something? Why would the dividend be cut? Occupancy is up and footfall is up, business is robust and 5 months ago management committed to increasing the dividend in 2019 despite the recent CVAs.
winsome
24/1/2019
19:46
Yes I agree the dividend is going to be interesting I can't see it being fully maintained but I still think it will be high single digit %The rest of the rns seemed ok to me too but the market is the market!
mattboxy
24/1/2019
10:10
mattboxy, maybe but it depends if you believe the NAV won't fall further.

When comparing NAV to share price it's worth remembering the NAV is meant to be current whereas the share price is looking ahead.

Having said that, I have to agree the discount does look excessive even allowing for caution. The key point will be how the dividend holds up - prospective yield at current share price is over 13.5% (edited for today's sp) so something has to give, either the dividend falls or share price increases.

redhill9
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