Share Name Share Symbol Market Type Share ISIN Share Description
Daejan Holdings 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
  +50.00p +0.77% 6,505.00p 6,435.00p 6,505.00p 6,510.00p 6,415.00p 6,455.00p 1,510 17:30:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 0.0 173.2 877.0 7.4 1,060.32

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Date Time Title Posts
22/6/201713:00Daejan - 3.5% yield and 50% property discount592
18/3/201507:28safe as houses190
13/6/200822:47SAFE AS HOUSES?!!35

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Daejan Daily Update: Daejan Holdings is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker DJAN. The last closing price for Daejan was 6,455p.
Daejan Holdings has a 4 week average price of 6,200p and a 12 week average price of 6,200p.
The 1 year high share price is 7,005p while the 1 year low share price is currently 4,401p.
There are currently 16,300,000 shares in issue and the average daily traded volume is 7,709 shares. The market capitalisation of Daejan Holdings is £1,060,315,000.
trytotakeiteasy: retsius. That would push the underlying NAV up around 1.4%. Add it to the other underlying drivers of around 1.8% and you get nearly 3.2%. So if the UK valuations at least hold up the NAV per share should increase to £98.9. With regard to the share price this continues to be a major disappointment. I am getting the feeling that Daejan is a stock you pick up on a major issue (Brexit vote) or a downturn. Then you sell it after it becomes somewhat less undervalued. Probably following the discount is the best strategy. I am not sure the discount will ever narrow much beyond 30% (currently 33%).
trytotakeiteasy: retsius - yes not a great day. NAV £95.81 gives us a discount of 35%. However, when the interims were announced on 23 Nov 2016 the share price was £57.7 putting the stock on a discount of 40%. So investor sentiment improved from November and the discount hit a low of 27% in May. The discount hit 51% following the Brexit vote with the shares hitting £44.1 versus the March 2016 NAV of £90.82. Looking back and the discount narrowed to almost zero towards the end of 2007. I guess we are always going to get this yo-yo effect in the discount. The long-term business track record, though, is good with the NAV only £23.5 in March 2000. What is slightly annoying is that other real estate stocks have rallied since the hung parliament result. Daejan just seems to be massively influenced by nervous private investors given the small volumes.
trytotakeiteasy: Retsius - such is the way of things I guess. Now at a 30% discount to the September 2016 NAV of £95.81. I doubt we can stay at a 40% discount for long in a stable or rising NAV environment. Accordingly, there shouldn't be much downside from here provided that the NAV for Daejan is on at least a marginal increasing trend. The NAV trend going forward is somewhat hard to call given Brexit etc. Daejan issued a surprisingly strong update for the interim results. If they can follow through in the final results then that will be positive. In any event with low leverage we will be able to ride the storm. A month to go to find out with final results in early July. Share price is off with our slow buyer having disappeared. I should try to build a financial model of the business at some point.
trytotakeiteasy: retsius - me too. There is that end of day sign that a fund or someone is accumulating: 451 shares at 7005. This consistent buying in recent weeks is what has pushed the share price up i.e. someone building up a position.
trytotakeiteasy: retsius - resist the urge to say anything..she is a shy share price and you will scare her!!!!!
trytotakeiteasy: Succession is the main issue for me.. what happens after the second generation? I think though the NAV will be over £100 in under three years due to reinvestment and the strength of US assets. Therefore I can't see the share price being below £50 in under three years. As such from a medium-term perspective it looks like a good risk-reward ratio. It is just in the short-term everyone is focused on Brexit and the potential impact on London. That is the key risk for Daejan that their London assets see a meaningful decline in value.
trytotakeiteasy: Now made back Brexit losses and then some.... I doubt NAV will fall too much if at all in the next update..... can't be long before NAV breaks the £100 level (a few years) and this will make the current share price look like a bargain..
trytotakeiteasy: At March 2015 the group had 22.5% of its assets in the United States. See 2015 annual report: 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.
tmfmayn: 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.
retsius: 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.
Daejan share price data is direct from the London Stock Exchange
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