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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Cls Holdings Plc | CLI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -2.40 | -3.06% | 76.10 | 16:35:01 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 77.50 | 75.30 | 77.50 | 76.10 | 78.50 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT & SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 07/08/2024 | Interim | GBP | 0.026 | 05/09/2024 | 06/09/2024 | 02/10/2024 |
| 06/03/2024 | Final | GBP | 0.0535 | 21/03/2024 | 22/03/2024 | 02/05/2024 |
| 09/08/2023 | Interim | GBP | 0.026 | 07/09/2023 | 08/09/2023 | 03/10/2023 |
| 08/03/2023 | Final | GBP | 0.0535 | 23/03/2023 | 24/03/2023 | 02/05/2023 |
| 10/08/2022 | Interim | GBP | 0.026 | 08/09/2022 | 09/09/2022 | 03/10/2022 |
| 16/03/2022 | Final | GBP | 0.0535 | 24/03/2022 | 25/03/2022 | 29/04/2022 |
| 11/08/2021 | Interim | GBP | 0.0235 | 19/08/2021 | 20/08/2021 | 24/09/2021 |
| 10/03/2021 | Final | GBP | 0.052 | 25/03/2021 | 26/03/2021 | 29/04/2021 |
| 12/08/2020 | Interim | GBP | 0.0235 | 20/08/2020 | 21/08/2020 | 25/09/2020 |
| 05/03/2020 | Final | GBP | 0.0505 | 02/04/2020 | 03/04/2020 | 29/04/2020 |
| Top Posts |
|---|
Posted at 03/1/2025 16:46 by skyship As I stated on the VALU thread on New Year's day:"As regards any further falls in the NAV; if you slash another 15% from 227.4p to 193.3p the discount would still be 59.6%! Slash by 25% and still 54.3% discount... The shares have fallen so far, so totally friendless that the resulting NAV discount is almost irrelevant. It is the dividend that is more important. The dividend of 7.95p is covered 1.3x by EPS; and looks totally secure. So that 10.2% yield handsomely rewards as we await events." |
Posted at 13/12/2024 15:09 by skyship The IC states this in their article on office player GPE:"A bargain way to bet on the office market recovery. With the pandemic well and truly a thing of the past, now is the perfect time to reconsider these unloved assets" You wouldn't believe any recovery in offices sentiment looking at the CLI sp! |
Posted at 03/12/2024 09:02 by spectoacc Not sure why office users would want more space per employee. Cost-cutting the order of the day, and fewer employees with the NIC rise.But that's UK of course - fewer employees on the continent with a sclerotic economy. Interesting that both France and Germany going to have unexpected GEs soon. The word "eventually" is doing a lot of heavy lifting, but I'd not argue CLI is expensive. Just that there's better things to buy, with more potential upside and more divi safety. 5 years? The definition of a long-term trade is a short-term one gone wrong ;) @loglorry1 - not on financials it ain't, tho agree GSF in particular is opaque. It's also mind-bendingly cheap IMO. If it was single-country it would have been taken out by now IMO, & still wouldn't rule it out. |
Posted at 03/12/2024 08:38 by ghhghh Not sure what it's about, but in general at least part of CLI's problem is how much cheap stuff there is out there. Why would I buy over-geared, debt-risk (but not bankruptcy risk) CLI yielding 10%, versus eg SEIT, getting sold down by Rathbones, at 12%. Or NESF at 12%, or GSF at 14%.Because it offers more potential upside if you believe that well located semi prime offices will eventually be dragged up by Prime's increasing rentals/restricted availability, especially as WFH slowly reverses as appears to be happening. And office users want more space per employee. Which is going to be higher in 5 years? I own all four having recently bought back SEIT, Gore and NESF. Also bought FGEN I assume CLS suffering from exposure to France |
Posted at 03/12/2024 07:44 by spectoacc Classic :)Not sure what it's about, but in general at least part of CLI's problem is how much cheap stuff there is out there. Why would I buy over-geared, debt-risk (but not bankruptcy risk) CLI yielding 10%, versus eg SEIT, getting sold down by Rathbones, at 12%. Or NESF at 12%, or GSF at 14%. All with different pros/cons, but the market's changed. |
Posted at 07/11/2024 17:00 by skyship Back down to 90p! NAV discount at 60%. Yield up to 8.8%.Time to change the way we look at Reits Changing market conditions call for changing valuation methodologies IC - Published on November 6, 2024 by Natasha Voase The property sector has always liked to do things differently. While other sectors debate price/earnings ratios and enterprise value to Ebitda, real estate investors wax lyrical about discounts to net asset value (NAV) and loan-to-value (LTV). This approach made sense in the old world of declining yields and interest rates, says Tim Leckie, an analyst at Panmure Liberum. Falling rates meant shifts in portfolio valuation were a large component of returns. But now that rates are higher and valuations unsteady, Leckie says the focus must be on cash flow generation. Reits need to be able to generate enough cash to pay down increased interest costs and grow. For the low-yielding, low-risk portfolios of times gone by, this is a problem. Yet for Reits, just as when it comes to valuing companies more generally, no valuation metric should be taken in isolation. Harm Meijer, managing director and co-founder of real estate fund manager ICAMAP, says that this is why investors need to look at multiple valuation metrics, including net debt to Ebitda, funds from operations (FFO) yields and price/earnings ratios. "Every ratio metric has its drawbacks," Meijer says. "Because if [for example] you only look at the cash flow... the problem is you can really increase your FFO by just taking on more leverage, by buying assets." Analysts at Panmure Liberum have created what they call the Medium Term Sustainable Earnings (MTSE) metric, a seven-year figure encapsulating reversionary potential, administration costs and refinancing drag. The MTSE total return blends yield plus growth to give investors an idea of what their medium-term cash earnings per share might be. The chart below shows the result of those calculations, albeit outliers such as Grainger's estimated growth rate should be treated with caution. With that in mind, the stocks that stand out: Sirius Real Estate (SRE), Urban Logistics Reit (SHED), Segro (SGRO), CLS Holdings (CLI) and Life Science Reit (LABS). Analysing Reits through the lens of cash flow throws up some new names that look mispriced. Discounts to NAV alone might encourage investors to buy giants such as British Land (BLND) and Land Securities (LAND), given their discounts sit at around 30 per cent. However, from a forward-looking price/earnings perspective, they trade at 13.6 and 12.1 times, respectively, implying earnings per share of 41p and 71p. Even if investors favour Epra EPS of 42p and 50p, respectively, these valuations look fair or potentially a little high. |
Posted at 23/9/2024 09:08 by renewed1 Thanks guys for putting me straight about quarterly divis. Confusing when you see this:Market Summary > CLS Holdings plc 8.63% Annual dividend yield 1.99 GBX Quarterly dividend amount |
Posted at 22/9/2024 12:17 by renewed1 Advanced apolagies but Ive only just become aquainted with CLI. I cant rationalise the divi. My understanding is they pay divi quarterly and I have just missed the 2.6p. but the company website shows 1.99p divi and yield 8.52% at 93p??? Have they just raised the divi and if so doesnt put them on a much higher prospective yield?? |
Posted at 07/8/2024 20:20 by nickrl Had posted this on the other CLS thread earlierThe relentless climb of interest charges is squeezing free cash here now but the fact that their dividend wasn't the most generous pre covid means they've kept in covered until now. My forward forecast is its at 97% now and even with disposals lowering the debt can't see it rebalancing by FY as they have a big debt load to refi in 2025 and even with lower interest rates overall finance charge will rise further. Vacancy rate remains high and like any office operators now the probability of any reversion on it is pretty low and repurposing or sales is the only way forward. Now had a further look at the report - other income has been flattered by retention of part of the deposit from the abortive sale of Westminster first time round -H1 disposals are at impressive 3.3% yield so big hit on NRI yet -Breaks/Expires are c22% of portfolio over next 12mths so could imperil NRI further -LTV>50% but 20m of cash from Westminster still to come -400m of debt (41%) needs refi in 25 75% is sterling. Been relying upon short term refis on several loans that a disposal targets but comes at a cost of 5.7% This aint no RGL but NAV declines have yet to stabilise in any country. Also I would say based on the divi policy there is a risk the final could end up below last years although they give themselves plenty of wriggle room with target cover in range 1.2-1.6 of EPRA. That said current share price more than covers these risks but suspect upside is limited until valuations stabilise and vacancy rate starts declining. |
Posted at 12/3/2024 14:01 by ammons dated 7 March 2024, sell, FWIW==================== CLS Holdings' office values continue their freefall Investors waiting on a recovery in this property equity's fortunes should invest their time and money elsewhere March 7, 2024 by Mitchell Labiak Vacancy rate climbing Earnings and dividend growth look weak Pretty much any way you look at it, CLS Holdings (CLI) is headed in the wrong direction. The landlord's portfolio of European office assets outside big city centres is nosediving in value even faster than last year as high interest rates and questions around post-Covid working continue. Its net asset value (NAV) has been slashed by 28.5 per cent from its 327p high point in 2021, while its shares have lost well over two-thirds of their value since a high of 311p in late 2019. IFRS earnings per share (EPS) do not cover its flat dividend, but adjusted earnings per share (EPS) stripped of valuation changes does. However, that adjusted EPS fell from 11.6p to 10.3 because its net rental income growth failed to offset rising finance costs from its growing net debt mountain, which is now larger than its equity value. This enormous leverage makes it unique in the UK-listed property sector. Not in a good way. Consensus forecasts are for adjusted EPS to nudge up to 10.6p by 2025 and for the dividend to hit 8.22p, but even this limited growth looks overly bullish. CLS' vacancy rate has climbed to 11 per cent from 7.4 per cent the year before, driven by its empty UK offices, where vacancy climbed from 10 per cent to 15.8 per cent. When there is so much space in your portfolio, it becomes hard to raise rents, something retail landlords know all too well. The discount to NAV might tempt some, but we believe this is a fair reflection of the strong possibility that CLS will need to offload its emptying assets into a depressed market to chip away at its debt. Sell. |
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