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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Daejan Holdings Plc | LSE:DJAN | London | Ordinary Share | GB0002502036 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8,050.00 | 8,040.00 | 8,050.00 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
06/7/2016 06:29 | Not a bad full year result. NAV at £90.82 at March 2016 up 10% over the year giving a 47% discount to NAV currently. Full year dividend up 5.7% to 93p showing confidence. Net rental and related income up 15.7% to £68.2m. Clearly anything can happen in the current year to valuations. But strong USD to sterling will provide a small boost. Rental income should also be locked in and will help the NAV growth. So yes we may see a NAV decline this year but the discount to NAV is so large this provides a cushion. The dividend increase also suggests confidence. Also gearing for the company is fairly low. Bottom line is that we will see NAV of over £100 in the medium-term with this illustrating the ability of Daejan to compound long-term value. In the meantime it is great to cross the psychologically significant £90 a share NAV. Looking back a few years to March 2010 and the NAV per share was only £48.17. Clearly the momentum has come through revaluation gains. However, reinvestment in the business also helps and rental income provides a boost. Crux is probably whether the NAV falls in the current year. It is possible but is unlikely to be huge given the US assets boost, low gearing at 16% and strong rental income. In the financial crisis the NAV fell 20% in one year but I would be surprised if we get anywhere close to that this year if there is a decline. Just comparing Daejan to another company such as CLI Holdings and what stands out is the very low gearing. This is what should make Daejan relatively resilient. | trytotakeiteasy | |
01/7/2016 15:55 | TMFMayn - I think you are correct. I didn't adjusted for the net asset position in each country. I recall that the US assets did have higher related debts than the UK assets. Oh well not such a largest USD boost then. At 13% of net assets if you are right it won't have much of an impact. Rental income from the US will provide a marginal boost to overall rental income though. | trytotakeiteasy | |
01/7/2016 14:51 | TMF. TTTIE. Thanks for input and to correct my figures.Great to get some dialogue on the Co. TMF how on earth do you know all those retro figures? Quite remarkable. Figures out Wed. R. | retsius | |
01/7/2016 14:27 | Trytotakeiteasy -- agreed, though DJAN also has USD debt and other liabilities, which will increase when now converted to GBP. I took the net assets less liabilities USA position from the latest interims. Yes, TMF = The Motley Fool. I once worked there. | tmfmayn | |
01/7/2016 13:15 | At March 2015 the group had 22.5% of its assets in the United States. See 2015 annual report: daejanholdings.com/f Granted this isn't the bulk of assets but the increase in the value of the US assets should help offset any weakness in the UK. TMFMayn (TMF stands for the motley fool?) - agree that this is a volatile share that could fall back. However, we will get NAV at March 2016 announced soon. This should be above the £85.17 at September 2015. So current share price of £49 provides a 42.5% discount to NAV. I would be surprised if March 2016 NAV isn't over £87. Then going forward we have the USD tailwind. So not sure there is much downside from here but depends on what Brexit does to UK real estate valuations. | trytotakeiteasy | |
01/7/2016 10:55 | American net assets represented £178m at Sept 2015, about 13% of the £1,388m total. So GBP plunge may not make too much of a difference to the overall position now. Share price fell to £17 during March 2009, when the Sept 2008 reported NAV was c£50. NAV dropped only 16% from £55.40 to £46.40 between banking crash period of March 2008 to Sept 2009. Might give some prospective on any possible NAV decline this time around. Share price was below £30 and even below £25 during general bouts of euro-crisis of 2010/11/12, when NAV had rebounded to £50. Similar sort of NAV discount now available. All told, I doubt NAV will decline as much as it did during the banking crash, the current discount looks good in historical terms, and the conservative management will I'm sure be ready to buy any property bargains. | tmfmayn | |
01/7/2016 08:01 | This is now priced in for the outbreak of WW3. American assets have been completely overlooked in my view as the dramatic weakening of the pound against the dollar over the past week,has increased assets there by 10%,the debt also has admittedly gone up as well, but Daejan has plenty of surplus cash,so no worries. NAV £85 at last valuation. R. | retsius | |
27/6/2016 15:25 | .???unbelievable drop in the share price. Do people not realise almost a third of assets are in America and assets there are in the dollar. R. | retsius | |
24/6/2016 16:38 | Absolute shocker in the market today. Did we really think we would leave? Daejan hit quite badly and is now trading at 41% discount to NAV. Must be value there somewhere. Low debt levels ,large American portfolio and cautious management should bolster the decline. However Property shares have been hit very hard so it's going to to be a long haul. R. | retsius | |
20/6/2016 18:23 | Have they announced when in July results will be published? | dandanactionman | |
25/5/2016 14:24 | screw it just chucked my ISA allowance in... would have preferred to buy at £56 but what the heck..... | trytotakeiteasy | |
24/5/2016 16:11 | Market is moving with the improved chance of a 'Remain' vote today. Been a long slog since it touched £54.00 Just back in the black so 'quite happy' is an understatement. R. | retsius | |
24/5/2016 13:03 | damn I was going to buy some more...... | trytotakeiteasy | |
19/5/2016 15:37 | Daejan?! Up today strongly as market tanks! I am not complaining!! | retsius | |
30/4/2016 17:53 | Citimohawk I think we are going to linger on until the Referendum is out the way. This is causing all sorts of uncertainties in the Property market and the market generally. Property shares have been particularily depressed,after stellar gains and revaluations over the past few years. This was alluded to in the last AGR,so it was well flagged. However on a positive note,I think we will vote to remain in the EU and this should give a massive boost to the sector. Of course with the NAV at £85 you should not have any sleepless nights. I rate the the stock as a definite Hold/? Buy on Ref. result. I hope this helps, R. | retsius | |
25/4/2016 16:51 | retsius / all, whats the current view here? | citymohawk | |
29/2/2016 18:32 | TTT Completely agree with your thoughts,and have just edited my blog deleting the word 'appalling' in relation to the share price decline to 'decline'. It is a family controlled business but they are still in 'business' which means they still want to see healthy profits and growth of the company. My small input would be (as there are no interim statements now released)that share buying by directors would have a hugely beneficial affect on the share price I rarely buy a share which is falling and prefer to see a base before purchasing. R. | retsius | |
29/2/2016 18:20 | Retsius - this is a family owned and controlled business. They already own the majority of the shares. If you think the share price is too low then buy more!!! Daejan will always be illiquid and volatile... | trytotakeiteasy | |
29/2/2016 16:46 | What we need here is some management buys of stock which would not require too much capital as there is limited stock and give a boost of confidence for the beleagerred shareholders, who are suffering from the decline in the share price Evidently very reluctant to purchase any more shares,I have read from previous blogs,but of course that could alter. American assets and contributions should be nicely bolstered by the pound's weakness. R. | retsius | |
29/2/2016 16:03 | Bloody hell.. so much for "safe as houses" when it comes to listed real estate investing!!! | trytotakeiteasy | |
24/2/2016 11:19 | tttt lol R. | retsius | |
18/2/2016 15:19 | "Insane discount"....the discount is high because this is a family controlled company offering no opportunity for the discount to close. It stood at a 50% discount back in the 60s/70s & 80s. Occasionally yhe discount narrows...but always drifts out again, Meantime the dividend policy is geared to the tax affairs of its controlling family rather than the tax affairs of the average private investor. Better propco plays elsewhere... | skyship |
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