Cls Share Discussion Threads

[its the oxman] 03/3/2023 23:57

Will we see another tender offer. The share price remains way too low.

[shieldbug] 15/2/2023 10:19

Scaffold is starting to come off the new 10 storey "coade" building in Vauxhall.

[hindsight] 08/2/2023 14:08

Hopefully will break the 160p odd ceiling on this third attempt

[shieldbug] 08/2/2023 10:23

Apologies - 8th March for FY results.

[shieldbug] 07/2/2023 11:00

Full year results tomorrow.

[bigbertie1] 22/1/2023 10:28

There was a little flurry of activity on Friday with the share price climbing from midday to the close! I wonder if they might make an unscheduled trading statement to point out (again) that the shares are clearly undervalued in the opinion of the Board!
This is just my idle speculation - don't raise your hopes!

[nickrl] 18/1/2023 21:38

most of shares held by family leading to low volume trading doesnt help. high LTV c 40% although rates low but lots of medium loans so always need to refinance something. yield was historically poor although with share price decline has at least got above 5%. Germany big part of portfolio so E/£ translation is a factor.

im not in here currently but always feel the family will swoop on it all one day and i will miss out

[my retirement fund] 18/1/2023 19:35

This looks undervalued. What am I missing?

[nickrl] 23/11/2022 17:24

re last weeks trading update the vacancy rate deteriorated a fair amount in the UK compared to European mkts.

Also it sounds like some of the loans were cash trapped unless im misunderstanding what they are saying.

[wozzitworthit] 23/11/2022 07:57

From comments I have read on several posts over the past few years, a Questor recommendation is a kiss of death.

[cwa1] 22/11/2022 16:11

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

[ghhghh] 22/11/2022 14:45

Tipped in Telegraph today

[cwa1] 16/11/2022 07:56

Trading update...



Fredrik Widlund, Chief Executive of CLS, commented:



"CLS remains on course with its plans for the year with earnings tracking in-line with market expectations[1]. Our office upgrade strategy remains a priority and we are seeing the benefits in good letting activity with leases signed above ERV and previous passing rent. We have substantially completed our 2022 financing activity, are making good progress with refinancing our loans due to mature in 2023 and have around £150 million of cash and undrawn facilities.



"With our strong balance sheet, a high-quality portfolio, a majority of index-linked leases and our active in-house asset management, we believe we are well positioned to weather the current challenging economic conditions."



A summary of our key operational and financial metrics is set out below...

[skyship] 11/11/2022 14:34

Took the quick 10%. In these markets just happy to have hit something right...

[nickrl] 08/11/2022 10:20

@sky good they have some activity in Germany but that country isn't looking too rosy currently being much more industrialised than the UK is now there is risk of it being pruned back through high energy prices which will leak across into commercial property in the long run so wonder have the valuers will assess that. Despite the rollercoaster of the last month the £/E rate trades within a relative narrow range over the long run so no big FX issues.

I have yield at 5.69 on a forecast divi 7.95p

[skyship] 08/11/2022 09:01

Bought back in again today. Just find the 60% discount irresistible, in spite of the ludicrous 38% LTV. Yield at 5.46% could be going higher with the UK division now a REIT.

[cwa1] 08/11/2022 07:40

LS Holdings PLC

08 November 2022

Release date: 8 November 2022
Embargoed until: 07:00 am
CLS Holdings plc ("CLS" or the "Group")

CLS leases over 3,500 sqm, ahead of ERV, across three new leases in Germany

CLS announces that it has secured three significant new leases, amounting to 3,566 sqm (38,384 sq. ft), in Berlin and Cologne, Germany.

At "Flexion", Kaiserin-Augusta-Allee 112-113, located in Berlin-Mitte on the river Spree, CLS has secured two new major corporate tenants. Hologic Deutschland GmbH, a leading US medical equipment manufacturer, has signed a seven-year lease for 1,016 sqm (10,936 sq. ft) and Tower Productions, a German television producer, has signed a five-year lease for 1,797 sqm (19,343 sq. ft) of space.

CLS purchased the 8,712 sqm (93,775 sq. ft) property in Berlin-Mitte in early 2021 with approximately 30% occupancy. Now, after successfully repositioning it in the market, Flexion is approximately 80% let.

The third lease is for 753 sqm (8,105 sq. ft) on a five-year term with property manager Ecowo at Office Connect, Wilhelm-Jacob-von-der-Wettern-Strasse 27, Cologne. The multi-let property is located in the Cologne Airport Business Park and has a total of 13,000 sqm (139,931 sq. ft) of lettable space spread over eleven floors. The property is now 96% let.

On a combined basis, these three leases, were completed at 4.9% above ERV.

Fredrik Widlund, Chief Executive Officer of CLS, commented:

"These lettings further confirm that the demand for high quality office space remains strong in Germany. These properties offer well-located and flexible office space close to public transport and within easy reach of their respective city centres. These leases also highlight the significant benefits of having a dedicated in-house asset management team with local expertise. We look forward to working together with the new tenants to create a sustainable and attractive space for their employees."

[nickrl] 19/10/2022 17:50

@ghhghh we should see a trading update in early November which should hopefully give them an opportunity to respond on how the UK, German and French mkts are panning out. Does surprise me how this one suffers so easily from a bit of selling you have to wonder whose offloading but because the family dominates teh share register no RNS's will ever show up.

[ghhghh] 19/10/2022 15:11

The principle reason for buying this is whether the Euro portfolio’s investment value is holding up better than UK thanks to significantly lower Gilts?

Secondary reason is whether already out of favour offices are more resilient than highly rated (and therefore lower yielding) logistics/industrials?

[spectoacc] 19/10/2022 11:17

Many thanks.

[1917again] 19/10/2022 10:48

Sprectoacc, it was 38.9% at 1043m, so add in 25m tender and then say 5m off for sale get 1063 = 40.6%

[spectoacc] 19/10/2022 09:09

Anyone know the LTV post-tender, post-Sentinel House sale? Even approximately? TIA.

[nickrl] 15/10/2022 23:05

I believe a fair chunk of the debt that needs refinancing is denominated in Euros so they face 1% uplift probably compared to c3% for UK debt.

[ghhghh] 15/10/2022 22:11

nick

True but marginal extra over short term cost for CLS.

Principle issue remains, are CLS’s Euro assets holding up better than it’s UK assets?

Answer should be yes in view of 10 yr Gilt gap?

[nickrl] 15/10/2022 18:39

@ghhghh yes no solvency issues but higher rates in both UK and Euro area means higher interest bill leaving less in the kitty for divis.