Dawnay, Day Treveria Share Discussion Threads

[salver2] 09/4/2008 08:57

very sensible long term buy grreat yield just have to sit tight until value of the company realised 40 percent discount to assets silly low-asset values in germany not under pressure like uk-massive buying oppo imho

[cnx] 09/4/2008 02:16

solid results
borrowings fixed to 2011
tax losses available
buyback programme in place
dividend up 13% yoy

i am holding for long term

[trawl] 07/4/2008 20:34

results tomorrow what will nav be what will dividend be

[rogerbridge] 31/12/2007 09:27

Prefer DDC at present.

[trawl] 05/11/2007 12:40

just north of 5% with nav of 116p a30% plus discount to nav

[tachograph0] 05/11/2007 12:23

I haven't looked too closely yet at his fund but price does seem to have dropped to very low levels for what would appear to be a pretty sound investment. Can anyone tell me what the yield is?

[trawl] 31/10/2007 09:24

could not agree more good yield safe assets only thing is they received about 4 mil in buyout of lease the properties vacated would need to be relet quickly
this may have already happened

[salver2] 31/10/2007 08:59

this share seems rather unloved and a little too cheap and despite share buybacks makes no headway-management said was too cheap at 106 a share now 87-any comments

[davebowler] 08/10/2007 10:21

Wrong thread

[lbo] 28/9/2007 17:19

Shock drop in German retail sales
Friday, 28 September 2007 08:59

Official figures show that German retail sales posted a surprise drop of 1.4% in August compared with July. There was an annual drop of 2.2%.

Analysts had expected retail sales to edge 0.3% higher in the month. The figures backed up a survey published on Tuesday by the Ifo research institute that showed business sentiment among retailers falling sharply.

Meanwhile, separate figures showed that the French economy grew 0.3% in the second quarter, unchanged from an earlier provisional estimate. The growth rate, in line with expectations, slowed from a rise of 0.6% in the first quarter.

[lbo] 18/7/2007 13:06

Confidence in Germany declines

Investor confidence in the German economy declined for a second consecutive month in July, dragged down by the euro's rise to record highs against the dollar and rising interest rates and oil prices.

The latest survey by the ZEW economic think tank yesterday showed its economic sentiment indicator for Europe's largest economy fell to 10.4 this month from 20.3 in June

[lbo] 17/7/2007 13:37

Nearly back to the placing price now! Glad I sold out at 1.40c

[paulypilot] 10/7/2007 18:38

Hi,

Good news announced today at market closing about a Share Buyback;

The Board of Dawnay, Day Treveria PLC today announces the commencement of an on
market share buy back programme. The Company has authority to buy back up to
10% of its shares. In light of the current share price, the Directors believe
that the buy back will enhance returns to shareholders.




I've been looking for some exposure to the incredibly cheap German property market, and indeed spent a few days in Berlin last autumn investigating, but in the end decided I couldn't be bothered with the hassle of managing my own blocks of flats.

Also, there are very restrictive rent controls on domestic properties, so the apparently ludicrously low prices (you can buy a whole block of flats in Berlin for the same price as one flat in Mayfair) are not as attractive as they seem at first sight.

But buying a share like this one is a nice easy way to get exposure to cheap German commercal/retail property, without any hassles.
Also, I've geared up using a Spread Bet, to help multiply the upside (been buying the shares at E1.07-1.12, which looks good value as NAV must be creeping up to around the E1.20+ level one would imagine, and the divis fund most of the cost of the SB rollovers.

Regards, Paul.

[peart] 25/6/2007 16:44

and that's NAV at the end of DEC 06 - must be less than NAV 6 months later - surely...

[trawl] 25/6/2007 10:57

yield is near 4% shares are near nav could not resist a few this am

[shuisky] 25/5/2007 17:27

1 DTR is a commercial property fund, not residential.

2 Nothing else in the sector is taking the kind of beating that DTR is taking at the moment.

The likely forward yield is over 6% IMHO. I can only think that this baffling, selling is a result of yield chasers selling out after having qualified for the 2c divi. If so, there is likely to be some buying in the run up to the next divi. For those of us with a longer yerm perspective, we'll just have to grin and bear it.

[lbo] 04/5/2007 10:24

Dawney Day doing a new Float Dawney Day Sirius.


The company is a closed-ended Guernsey incorporated property investment company. The company has been formed with the intention of providing institutional investors with access by way of a publicly listed vehicle to German commercial real estate, with a primary focus on offices, business parks and industrial complexes. The Company's principal objective is to generate total returns for shareholders through the payment of semi-annual dividends
and net asset value growth, primarily through capital appreciation in the Group's portfolio. The company will invest in large mixed use commercial real estate assets in Germany suitable for upgrading into flexible workspace
to be leased predominantly to small and medium sized enterprises (SMEs).

[lbo] 24/4/2007 08:00

DDC just announced a discounted fundraising and I suspect they may do the same here.

[shuisky] 29/3/2007 16:09

lbo- disagree. On 112c it's on a forward yield of over 8% That's far too cheap, and the stock won't get there.

The whole discount/premium to NAV thing is only really relevant to sitautions like the UK, whereby the commercial rent yield doesn't materially cover borrowing costs. Therefore, the focus in the UK is always on capital appreciation and hoping that yields go up a little. With UK, it's a good idea to watch the NAV, but thats only because your focused on capital appreciation rather than income. With DTR you got a nice yield spread, good income, a good divi, plus the chance of more revaluations.

[lbo] 29/3/2007 14:39

I agree shuisky but at the moment they sould be trading closer to €1.12. They have got a bit ahead of themselves IMHO

[shuisky] 29/3/2007 11:58

There are another E884m of properties in the pipeline, and given that the yield spread remains favourable this should lead to further uplifts in NAV. The 2006 yield is 4.5c, which I should add is significantly more than the previously forecast 4c. The current forecast divi for 2007 is 9c, but with continued favourable yield spread this should be hiked. On current price the 2007 forecast yield is 9/136=6.6%

On evaluations, this remains a good play on German economic growth, and will pay you substantially more than Euro long bond rates. If you think consumer spending will grow and their will be yield compression in German commercial property than buy/hold the stock, if not than sell.

Some institutions may want to reduce holdings and book some profit, particularly as the placing was sold at E1.12 But it doesn't change the underlying fundamentals.

[steban01] 29/3/2007 11:51

ISA23, I agree, time to take profits and move on. I still fancy the German Property market, might look at Puma or DLD

[isa23] 29/3/2007 11:33

A 27% premium & a meager yield of about 3% makes this a STRONG SELL imho.