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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
|
|
|---|---|---|---|---|
| -0.30 | -0.36% | 82.70 | 10:21:22 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 81.60 | 81.60 | 83.40 | 83.00 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT & SERVICES |
| Top Posts |
|---|
Posted at 11/4/2024 22:53 by nickrl presentation useful but largely a recycle of the annual results but at least the small investors get a look in and can ask questions. CEO rather laboured the Q&A time over why Germany wont be a car crash despite the negative economic outlook. |
Posted at 02/4/2024 21:10 by m_kerr Almost 10% yield now - transactions seem to be picking up in the London office market as well. THeyve had no difficulty refinancing either.The SPV structure also mitigates risk, and they have hotel and student accommodation holdings trading well for which there would be good investor demand should they need to sell. THeir offices are generally good quality and well located with good transport links. Debt is uncomfortable now but rates are widely expected to fall over the medium term. Cheap as chips (I may have said that at a price 50% higher though....!). |
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. |
Posted at 28/2/2024 12:40 by cwa1 CLS Holdings plc ("CLS")Notice of Full Year Results CLS will announce its Full Year Results for the 12 months ended 31 December 2023 on Wednesday, 6 March 2024. The results presentation will be taking place in-person at The London Stock Exchange,10 Paternoster Square, London, EC4M 7LS at 08:30am on 6 March 2024. Investors and analysts can also attend the meeting by joining a live webcast and conference call. The details of the meeting, webcast and conference call will be included in the results statement. |
Posted at 12/12/2023 08:18 by wapping67 About 15 years ago and before I retired from the city is used to be an investor in CLS. The directors were very shrewd property operators and had a great reputation. I don’t think this has changed. I hadn’t really kept in touch with the share price until I noticed the extremely large directors purchases in the summer months. Been waiting for interest rate expectations to ease, which they now have. CLS have struggled to rally with the sector but to me that’s an opportunity. With the shares standing at less than half the expected NAV and yield (historic) of over 8% I’ve taken a position. Prepared to sit tight and wait for the markets perception of CLS to change. To me this represents a solid value play |
Posted at 16/6/2023 19:32 by strathroyal These do look something of a bargain and there must be a decent chance of another tender offer. From what I can see they have sold 4 of their UK properties this financial year although I have not been able to identify all, has anyone here been keeping watch?Here is the latest sale: hxxps://www.hanoverg |
Posted at 30/3/2023 11:31 by nickrl @oxman they are very office heavy so i would expect NTA to continue to drift downwards for a couple more years so discount will close up by a further 10-20% but would still leave them on a wide discount. Their debt costs are creeping up but despite saying a big chuck of 23/24 refi is a done deal they dont disclose specifics on the loans other than to say that investors should expect a 50-60bps outward move from the current low levels so we know interest costs going up. From my analysis they have one of the highest divi covers in the sector from free cash and this IR increase will still leave them above 100%. Conversely the vacancy level in the UK has been creeping up and is already at 10% and their estate whilst a bit better positioned than RGL feels like it will suffer further attrition over next couple of years so scope for rental growth limited. The other side of the coin though is the French and German assets are far better shape and have some reasonable inflation linked leases so all round neutral. With yield hovering around 6% i was tempted but now im not sure if 6% is sufficient in the current mkt albeit i doubt IR will move north of 4.5% i reckon they will be >4 for next 12mths min. |
Posted at 22/11/2022 16:11 by cwa1 We may be lacking a catalyst for a recovery in the share price, but the discount should help to protect us from further falls. Nor has the valuation disparity escaped management’s attention. Fredrik Widlund, the chief executive, and the board sanctioned a tender offer in the summer and bought back 2.5pc of the company’s share capital.Buybacks at such a large discount to NAV create value over the long term. Nor should investors forget the presence of the Mortstedt family. Although Sten Mortstedt, the founder, died in 2020, the family still owns more than half of the shares. That aligns their interests with those of other shareholders and should ensure that no undue risks are taken. Hold on to CLS. Questor says: hold Ticker: CLI Share price at close: 158.8p |
Posted at 13/10/2022 07:28 by cwa1 13 October 2022PRESS RELEASE Release date: 13 October 2022 Embargoed until: 07:00 am CLS Holdings plc ("CLS" or the "Group") CLS announces the sale of Sentinel House for GBP7.0 million, 4.5% above valuation CLS announces that it has simultaneously exchanged and completed on the sale of Sentinel House in Coulsdon, Greater London, for GBP7.0 million excluding costs. Sentinel House was acquired by CLS in 2012 and consists of 3,211 sqm (36,711 sq. ft) of office space over 3 floors with ancillary car parking. Throughout our ownership the asset has been let on an FRI basis to IHS Global Limited which will expire at the end of 2022. The sale, at a price 4.5% above the 30 June 2022 valuation, allows CLS to crystallise the returns on the asset while releasing capital to strengthen its liquid resources. Fredrik Widlund, Chief Executive Officer of CLS, commented: "The sale of Sentinel House is in line with CLS' asset management strategy and secures a significant return on the asset, capturing value for investors while increasing financial flexibility for the Group. The Group remains convinced of the attractions of well-located, high-quality offices in non-prime locations whilst continually assessing whether to hold or sell properties in-line with CLS' business model." |
Posted at 03/8/2022 16:48 by essentialinvestor * my understanding is pressure from some institutional investorswho wanted dividend income. It has definitely crimped NAV performance. Nice close. |
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