Cls Share Discussion Threads

[cwa1] 30/11/2023 10:17

Berenberg cuts CLS Holdings price target to 114 (175) pence - 'buy'

[dendria] 30/11/2023 09:04

A while back I used to be happy getting sub-200p top-ups.
Now I'm looking at sub-100p top-ups.

Unfortunately, we're dropping out of the FTSE250 in December - will it finally draw a line under it?

[skyship] 23/11/2023 20:41

Knocking on a 100p breakout today; dropped back - but tomorrow another day.

[skyship] 20/11/2023 09:02

Added today after re-reading last week's Update over the weekend.

Obviously their preferred sector is under the cosh; but down below 100p these really look a steal. They're now even on an 8.2% yield. The discount? Well, you name it really. Headline states 66%, could be just 50% JUST 50%!

At the moment yet to participate in any sector recovery; but should do so.

Also has to be an outside chance of a bid from the family; or from a cash-rich PE fund. That would of course see them back above the 150p level; which does rather put current level in perspective.


free stock charts from uk.advfn.com

[its the oxman] 17/11/2023 10:44

More than happy to add these levels. Demand still exists for office space and when rates fall these wont be under 100p.

[skyship] 16/11/2023 11:39

Bt a few @ 96.16p. Had to pay the dreaded SD on top - maddening!

[hindsight] 15/11/2023 10:00

LTV good news too. They are a world away from RGL

If all these five disposals complete, then pro-forma LTV at 30 June 2023, assuming no other changes, would have fallen from 45.1% to 43.0%.

[nickrl] 15/11/2023 09:18

@sphere certainly reads well but vacancy levels creeping up and more recent disposals have been at an average of 13% below half year valuation isn't a good omen for RGL. That said CLI has good divi coverage and even with overall cost of debt significantly up it can cover it currently. Was tempted a while back but it kept on falling but for sure is very volatile due to low trading volume.

[spectoacc] 15/11/2023 09:12

Good luck. Directors bought millions in the 120's only recently, and agree outlook statement pretty good.

[sphere25] 15/11/2023 09:02

Had a little go here on that update.

The longer term chart and sentiment here is absolutely horrendous. Sat here wondering if that negativity, the recent favourable macro and rate news, and the in line update today is enough to cause some short term optimism for a trading bounce.

There is a nice little trend from yesterday. This share is very volatile though. It can move sharply both ways on nothing volume so a very watchful stop at just under 100p.

All imo
DYOR

[essentialinvestor] 01/11/2023 11:19

* thanks folks for flagging up the GPE Sell rec,
added a few GPE on the drop.

[spectoacc] 01/11/2023 08:08

GPE got a d/g to Sell from Citi this morning, not seen the note.

[essentialinvestor] 31/10/2023 12:45

GPE is what I've bought two recent very small amounts of.

I'm convinced there is a healthy future for London Grade A commercial office, BUT..
none of us know the future, probability is the best we have. I could well be wrong.

[bedford1976] 31/10/2023 12:39

If you thing CLS is bad take a look at Regional REIT now on a yield of 20%.
If I dip my toe in property next year I'm going to stick with GPE based on their low borrowings and central London focus.

[extrader] 26/10/2023 21:56

To be fair, I don't think anyone could have anticipated the work-from-home development that presumably is the root cause of the present situation?

AIUI, each of the properties is held in a separate SPC, with asset and associated liabilities ring-fenced. Not sure whether there'd be a 'change of control' clause in those circs.

I held these maybe 15 years ago and - if some capital becomes available - would be tempted again as a dabble, since it looks as though the pendulum has swung too far.

'Reversion to the (new) mean' should still be worth-while, there's a pretty wide margin of error, AFAICS.

NAI, DYOR etc etc

[giltedge1] 26/10/2023 21:40

This used to be a well run company, presume UK Asset vacancies are the main worry.
Regarding takeover, may be a problem with existing loans as borrower usually has a change of control clause, so these 2 - 3% loans may be lost to the family potential buyout. Anyone have any experience in these loans?. Also anyone making a buy on this share?.

[extrader] 26/10/2023 15:17

Now 88.7p...

PTBV 0.33 per stocko, f'cast to pay 7.99p for 2023 (1.24x covered), analyst Target Price 165.25*p....

Surely the Morstedts must be considering a buyout ?

* this would-coincidentally-be about their highest purchase point in the last 12 months.

Ho hum.

[bedford1976] 26/10/2023 10:20

A Mordsted family buy-out looks the final play her, nobody's that excited about their portfolio anymore. Cannot see this being listed much longer

[nickrl] 24/10/2023 22:08

@m_kerr thought that at 140 now im not sure there is a bottom here although surely the family will just take it all over before long as it costing them less by the day!

[m_kerr] 24/10/2023 21:04

CLS seems to be a very thinly traded stock. if one shareholder owns 55%, the rest is only £165m. 'yield' on it's own means nothing, it has to be sustainable. may be in a minority here but i think this is a bargain at these levels, despite the LTV.

[skyship] 20/10/2023 11:03

Strewth - CLI now a high yield stock! 8.44% at 94.2p...

[essentialinvestor] 20/10/2023 10:25

CLI owns the commercial office Tower in New Malden (or at least they did).

Tolworth Tower is vacant awaiting redevelopment planning permission for apartment
blocks - CNM Estates the owner.

[spectoacc] 19/10/2023 16:34

"Nick"ing my lines now ;)

[nickrl] 19/10/2023 13:56

As the Quo said down down deeper and down....

[skyship] 17/10/2023 13:08

Ex - re yr Q elsewhere - really no idea. Seem dramatically oversold and most likely are. However no getting away from the fact that their type of office blocks extremely unpopular. Look at the two twins in south London - Ewell/Epsom or some-such. Couldn't give them away nowadays.

Family should have kicked out the BoD long ago. Total incompetence not to have made a few sales and reduced LTV long ago.

Still on my Monitor; but prefer to buy REITs in other sectors, esp. EBOX - though their fall too has been precipitous and now on a yield of 9.2%!