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CLI Cls Holdings Plc

90.90
-0.30 (-0.33%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cls Holdings Plc LSE:CLI London Ordinary Share GB00BF044593 ORD 2.5P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.30 -0.33% 90.90 301,371 16:35:11
Bid Price Offer Price High Price Low Price Open Price
90.60 92.20 92.40 90.60 91.30
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 139.7M -81.9M -0.2061 -4.40 360.05M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:58:48 O 3,008 90.90 GBX

Cls (CLI) Latest News

Cls (CLI) Discussions and Chat

Cls (CLI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-03-18 17:59:0590.903,0082,734.27O
2024-03-18 17:58:1290.903,0732,793.36O
2024-03-18 17:57:3990.917,7097,008.17O
2024-03-18 17:28:3191.171,000911.74O
2024-03-18 16:35:1190.9038,61935,104.67UT

Cls (CLI) Top Chat Posts

Top Posts
Posted at 18/3/2024 08:20 by Cls Daily Update
Cls Holdings Plc is listed in the Real Estate Agents & Mgrs sector of the London Stock Exchange with ticker CLI. The last closing price for Cls was 91.20p.
Cls currently has 397,410,268 shares in issue. The market capitalisation of Cls is £360,053,703.
Cls has a price to earnings ratio (PE ratio) of -4.40.
This morning CLI shares opened at 91.30p
Posted at 12/3/2024 15:29 by skyship
..."its growing net debt mountain, which is now larger than its equity value."

But far, far below its GAV. The fact that the debt exceeds the MCap is a total and utter irrelevance; other than to demonstrate just how cheap CLI might well be, trading as it does on a 63% discount to EPRA NAV.
Posted at 12/3/2024 14:29 by spectoacc
It's a view, but it's about CLI's valuation, not the poor outlook. CLI can hang on until interest rates start to fall, and some other office providers have given up the ghost.

10p EPS and £2 s/p, maybe not. 10p EPS and 93p s/p, much more interesting.
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 02/3/2024 17:30 by dandanactionman
All imho dyorI am in 2 minds over CliAppears cheap but I am concerned occupancy and refinancing.
Posted at 16/2/2024 10:20 by wshak
Hi Skyship,

I'm in for the long haul with CLI.

With a lot of these ITs, REITS, property companies, etc, I just want to see what prices look like when interest rates come down in 12 months, and clip divis whilst I wait.

I haven't gone mad on CLI but have a chunk that I wouldn't want to lose.

Main thing holding me back from investing more seriously is an investment that went badly wrong in Speymill Deutsche back in the day when there was also a ridiculous discount to NAV. Debt was much higher there, however.
Posted at 16/2/2024 09:56 by skyship
WShak - re CLI - are you looking for an end game here or just a trade?

As stated before, I think the anti-office sentiment has been way, way overdone with CLI, perhaps exacerbated by the fact that 60% is held by the Mortstedts.

The upcoming Prelims (8th March last year) should clarify matters somewhat, ie, just how bad a write-down will we see on the German assets.

IMO however you cut it, the sell-down here is overdone; and then some!
Posted at 11/2/2024 16:46 by skyship
Would be nice to see some of the below rub off on CLI:

London office requirements hit 10-year high

Strong demand ”should continue to support London’s recovery”, says Knight Frank.
By Jamie Bennett-Ness Mon 5 February 2024

London office requirements have hit their highest level in 10 years, with businesses hunting for close to 12m sq ft of office space, according to a report from Knight Frank.

According to the property consultancy, office requirements in the capital have risen 34% compared to last year, and 40 of these requirements involve firms seeking more than 50,000 sq ft. Around 80% of firms with requirements are looking to upsize or match their current office footprint, the firm added. Knight Frank said the figures promised strong growth in leasing volumes and prime rents over the coming years. London office take-up is forecast to increase 12% year-on-year due to high active requirements, lease expiries and competition to secure new or newly refurbished space. Philip Hobley, head of London offices at Knight Frank, said:

“London’s occupational market remains robust as the bifurcation in demand and transition to office-first work policies continue to crystalise. “While vacancy rates have increased in older, secondary buildings, prime rents in best-in-class offices have continued to rise. “The future pipeline cannot satisfy demand, even at current levels, which is something we haven’t witnessed in previous similar recovery cycles through macroeconomic turbulence. “These structural trends should continue to support London’s recovery, particularly in the investment market, with stabilising interest rates making prime office yields more debt accretive.”

The report analysed transactions over 20,000 sq ft since 2021 and overall shows a net increase of 1.1m sq ft in the amount occupiers have leased compared to their previous occupancy. Knight Frank’s data also reveals that prime office rents in the capital are still rising, with a constrained future supply pipeline and vacancies tight for best-in-class buildings.

There have been 25 leasing deals at prices exceeding £90/sq ft in the City of London over the past two years, compared to just six in the preceding four years.

The West End recorded 142 deals over £100/ sq ft in the last year alone, more than the 112 in the four years prior. Total office take-up for 2023 stood at 10.7m sq ft against a long-term average of 12m sq ft, even with a late surge in deals in which 3.9m sq ft was leased. Knight Frank forecasts office take up will hit 12m sq ft this year, 12% higher than last year, driven by higher levels of active requirements, lease breaks and further occupier flight to newer, better-quality offices.

The development pipeline falls well short of meeting average levels of new and refurbished take-up, the firm added, with consented schemes that have a 50% to 75% probability of being completed only adding a further 2.7m sq ft. Knight Frank predicted that the pipeline of office space due for completion by 2026 would be 5.3m sq ft below average take-up levels for new and refurbished space during that period.
Posted at 23/1/2024 16:29 by skyship
CLS Holdings (CLI) – Massive NAV Discount coupled with a very high Yield

CLI is a commercial property investment company with a £2.21bn portfolio split between the UK (46%); Germany (42%) and France (12%). It specialises in prime offices in prime locations. It has c718 tenants, including blue-chip organisations and government departments.

Exc. Shares held in Treasury, there are 397.4m shares in issue. As at 23rd Jan’24 CLI had a MCap of c£378m.

The family of the founder together hold 60% of the equity, with one family member, Bengt Mortstedt, serving as a Non-Exec director.

The quality of their properties can be viewed on their website; and of special interest is this presentation of a newly completed refurbishment in the City, in London:



06/03/24 – Prelims to 31st Dec’23


09/08/23 – Interims to 30th Jun’23


15/11/23 – Q3 Trading Update


Co. website:
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 16/11/2020 13:50 by acol
I repurchased 75% of my original holding in 2 traunches at an average price of about 213p. The deciding factor for me was the announcement of the vaccine, a factor that has had no real impact on its share price.

The main risks for me is whether or not Covid will have a major impact on firms deciding to let staff work from home in the future, post Covid. Even with blue chip clients, such working change could have a major impact on firms specialising in leasing out office space.

With its portfolio spread between several countries I am not sure that a successful Brexit deal will have a huge impact on CLI share price. I agree with the OXMAN that the share price should be closer to 250p.
Cls share price data is direct from the London Stock Exchange

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