Cls Share Discussion Threads

[my retirement fund] 23/1/2024 14:01

Just taken a good slug at 95p, I now need to see £1.20 to break even!

[riverman77] 12/1/2024 09:45

Yes a bit concerned about the potential lack of dividend cover once the loans are refinanced. CLI do quite a lot of capex on their buildings so suspect they'll want to maintain a roughly 1.5x cover. On top of that you've got vacancy rates gradually creeping up, so overall can't say I'm that confident they'll maintain current payout.

[skyship] 09/1/2024 20:49

This persistent flirtation with the 100p threshold is beyond the pale. Get a grip - breakout North please!


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[nickrl] 08/1/2024 11:06

CLS best attribute is the divi has been well covered for years albeit it was so paltry i never took any but the high coverage meant it stayed on the watchlist. Last years share price decline has now translated into a high well covered yield albeit the recent spate of debt refis is eating into the cover. Mustn't underestimate though the impact of the high level of refis reqd by end of 2025 and the increasing impact this will have on overall IR. They had an extraordinarily low yield on debt only EBOX bettered it and thus in last 18mths its gone from 2.22% to 3.32% and they still have c40% of debt load to refi by end of 2025 so 4-4.5% overall is entirely possible. So my forecast is that cover could be eliminated by end 25 but all depends on how NRI evolves from here. You can already see vacancy rates rising, albeit slowly, in all countries so at best any rental increase is going to be neutralised for a while yet. Only 25% of debt is floating so some help if rates fall. Of course on such a discount to NAV to looks great value but viability of divi is what interests me but further declines in NAV could lead to loan breach issues on LTVs of course.

As an aside I've raked through there 200+ page ARs even back a few years trying to find the specifics on debt but they give you snippets never a complete table that almost everyone else does even if you have to dig around.

[flyer61] 06/1/2024 16:16

Probably some investment manager who wants to be able to report to their clients no office exposure.

[skyship] 06/1/2024 14:08

Two strange trades yesterday which seem to have resulted in that mid-day dip to 98.5p. Both at 98.7p, both for 99k, both at 12:05. Thereafter swiftly recovered back up to 100p.

Seems as though seller(s) still around. Will clear eventually...

[skyship] 06/1/2024 13:03

...also 25mins into this video presentation:

[skyship] 06/1/2024 11:07

chucko

To assist your background research I would strongly recommend taking a look at SERE's last Presentation, especially where they deal with Offices in Europe - starting with p41

[skyship] 02/1/2024 13:29

Need a bit of volume to make this jump higher:

[skyship] 01/1/2024 08:07

Made this my Tip for 2024 over on the new annual JDT thread.

[aishah] 27/12/2023 12:00

Thanks. Added a few.

[nickrl] 27/12/2023 11:17

@Aishah i believe we can be reasonably assured as CLS is a pure office play they aren't going to set the world on fire anytime soon and will probably report increasing void levels. That said they have been conservatively run for years so have been able to absorb increased interest rate costs without any threat of divi coverage falling below 1 so far. There is also the possibility the family who own over 50% take the whole thing out. DYOR of course

[aishah] 26/12/2023 23:58

Such a big discount to NAV. Generally market is ahead of PIs. So bad news coming here soon?

[gonsan] 20/12/2023 13:35

Just entered at the very round price of 100... Reinvesting part of my EPIC funds.
The rest to top up SREI (I know some of you have sold it, but I am very pleased with their management)

[spittingbarrel] 20/12/2023 10:22

I'm doing my best, I topped up an already overweight position this morning...

[mister md] 20/12/2023 09:09

SKY - lol, see my comment on EBOX thread.

[spectoacc] 20/12/2023 09:07

Just needs someone to clear my 39k off 99.5 ;)

[skyship] 20/12/2023 08:56

She's just itching to burst through that 100p barrier.

Mister MD - go round up a friend to follow you in!


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[mister md] 20/12/2023 08:41

In at just under 99p. I notice this was trading at 300p just prior to the Covid dip.

[spectoacc] 15/12/2023 16:45

It was the UT, perhaps not a surprise on witching day, particularly with CLI being involved in the relegations. Took a few.

[skyship] 15/12/2023 16:41

A bizarre 2.9m sale at 96p! No wonder they couldn't break through the 100p resistance.

What now I wonder as there is no way a MM would have taken that stock on their book.

Presumably we'll see that the family have bought them...& if so the battle with 100p can resume.

[wapping67] 14/12/2023 11:13

Being removed from the FTSE 250 index on Friday and going back to the small cap index. Shouldn’t cause too much disruption as this has been known for a while and any index funds have been rebalancing ahead of the event. Fundamentals remain the key driver IMHO

[skyship] 14/12/2023 10:55

REITs strong across the board, along with the general Market. CLI however, still struggling with the psychological 100p threshold.

[skyship] 12/12/2023 08:43

If it can break through 100p we should see quite a smartish uptick, perhaps to an initial 120p:


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