Derwent London Share Discussion Threads

[philanderer] 10/9/2020 12:08

EI, good call on holding off......looking like a dead cat bounce yesterday 🙄

[mtsblogs] 10/9/2020 01:05

Is it me or is remuneration crazy? Total staff costs - £27.8m with directors receiving £23.1m, compared with Distribution to Shareholders at £75.6m. CEO max salary is £3.4m - WTF???

[essentialinvestor] 09/9/2020 23:18

Hi Phil, was tempted today but held off.

[philanderer] 09/9/2020 17:55

London tops global destination for investment in offices so far in 2020 despite covid meltdown





Goldman Sachs tells bankers it's time to come back to the office on a rota

[philanderer] 09/9/2020 17:21

Good bounce off 2600p this afternoon... 423,000 shares traded today.

[philanderer] 09/9/2020 13:32

Lord Sugar sees his office portfolio ‘suffering’ as staff stay at home


Lord Alan Sugar has said his central London property investments are "suffering" due to office workers staying home and City-based companies finding out they "don't need" pre-pandemic size premises.

The billionaire is a long-term investor in prime City property through real estate venture Amsprop. The vehicle was behind the redevelopment of The Crosspoint near Liverpool Street Station, and its portfolio includes The Lever Building near Barbican.

The Apprentice star told the Standard: "As a landlord, we are suffering with our tenants struggling to justify the premises that they occupy.

[philanderer] 08/9/2020 09:58

updated..


7th sept Panmure hold tp 2886p
3rd sept Morgan Stanley overweight tp 3200p
1st sept Goldmans buy tp 3693p
28th aug Berenberg buy tp 3500p
13th aug Baclays underweight tp 2600p
12th aug Numis buy tp 3800p
12th aug UBS buy tp 4425p
12th aug Deutsche hold tp 3250p
12th aug Liberum hold tp 3300p
11th aug Peel Hunt hold tp 3100p


11th aug ++++ interims ++++

[philanderer] 08/9/2020 09:56

Morning EI, yes Panmure downbeat..


In sellside, Panmure Gordon’s down to “hold” on Derwent London:

The period post the EU referendum was one of uncertainty for the London office market with values and rents moving sideways. As a result, the London office REITs traded at a 20-30% discount to NAV, the lack of visibility or any signs of growth putting investors off.

However, at the end of 2019 post the general election it felt like there was a clear pathway to growth and the stocks (including Derwent) moved to a premium to NAV in anticipation.

This optimism has come to a grinding halt post COVID-19 and whilst we highlighted in our May note concerns about the impact of a wider economic fall-out on the London office market, it appears four months later that a structural change in the way we work might have a bigger impact over the medium term.

The net result, whatever the outcome, is a return to uncertainty and a discount to NAV. Therefore, whilst we continue to believe Derwent London looks attractive trading on a 29% discount to NAV, until there is greater clarity of outlook, we see the shares moving sideways and downgrade from Buy to Hold adjusting our target price to 2886p (20% discount to current+1 NAV) from 3556p.

[essentialinvestor] 07/9/2020 18:04

Comment in today's FT today, nothing that has not already been discussed here.

[essentialinvestor] 04/9/2020 19:48

Yes Phil, I'm staying clear for now.

[philanderer] 04/9/2020 19:37

Yes, thanks EI. I take it that it's the Morgan Stanley review you're referring to ?

[essentialinvestor] 04/9/2020 11:39

Phil, you've probably seen yesterday's FT Markets Now comment on commercial office,
If not, it's worth a read.

[philanderer] 03/9/2020 10:10

MORGAN STANLEY CUTS DERWENT LONDON TARGET TO 3200 (3400) PENCE - 'OVERWEIGHT'

[philanderer] 01/9/2020 10:37

GOLDMAN RAISES DERWENT LONDON PRICE TARGET TO 3693 (3673) PENCE - 'BUY'

[philanderer] 31/8/2020 00:01

Capita to close over a third of offices permanently

[philanderer] 30/8/2020 09:25

BP to sell London HQ amid office shake-up

Oil giant to leave historic home as work patterns shift

[philanderer] 28/8/2020 12:42

Some Charlotte Street photos...

[philanderer] 28/8/2020 10:30

Morning EI.

Well you wouldn't get me in one ;-)


BERENBERG CUTS DERWENT LONDON PRICE TARGET TO 3,500 (3,600) PENCE - 'BUY'

[essentialinvestor] 27/8/2020 16:42

Phil, Air conditioning surely.

[philanderer] 27/8/2020 00:44

Do many of these office blocks have windows that actually open to let in fresh air, or is it all recirculated air by air coditioning ?

[essentialinvestor] 26/8/2020 14:05

Hi Jack, unfortunately not!.. had a small amount on a few occasions only.

Expecting a sharper sell off here which has not happened up to now.

With the continued media comment on the future of office work,

It might be worth considering why the share price has been relatively resilient.

Perhaps some investors may see demand longer term from

certain industries. Anything collaborative, for example media, PR, marketing etc

are perhaps better served in an office environment, also any organisation requiring higher security with

client and internal communications.

There must be a reason this is not significantly lower.

[cousin jack] 26/8/2020 13:57

EI: “Someone is making a lot of money on that”.

From previous posts I reckon you already have !

[philanderer] 26/8/2020 13:56

The City of London risks being 'hollowed out' as thousands of white collar workers refuse to return to their desk, a top stockbroker has warned.

Steven Fine, the boss of Peel Hunt, said he is 'angry' to see financial firms encouraging their staff to stay at home while leaving the Square Mile like a ghost town.

[philanderer] 26/8/2020 13:37

"No plan for a return to the office for millions of staff"

Fifty of the biggest UK employers questioned by BBC have said they have no plans to return all staff to the office full-time in the near future.

Some 24 firms said that they did not have any plans in place to return workers to the office.