Dci Advisors Share Discussion Threads

[freds13] 22/7/2008 01:08

jon - could Dolphin be eventually taken into private ownership?
There seems to be only one big buyer and he is consistantly gathering the shares in.

[jonwig] 21/7/2008 12:48

NAV of 243p (on 31/03) including 46p cash, and gearing of just 13%.

Indication of possible disposals enhancing the NAV; strong director buying and share buybacks averaging 90p.

Overhang caused, maybe, by Lansdowne Partners selling whole stake of 49.7m shares on 10/07.

Looked a reasonable case for a small investment!

EDIT: nice to get timing approximately right.

[hectorp] 26/6/2008 08:51

jonwig, falling sterling will affect bed-nights per property: selling them on in these difficult times could prove tricky at the prices they would want.
In parts of Spain now, property sales attract a 40% discount to last year. I don't know if this is the case in Greece - as yet. I admit, I am referring to small blocks of costa flats.
AS regards Cyprus I believe it is a 'tired' holiday market venue.

[jonwig] 24/6/2008 16:57

Panmure Note on website (dated 19/06).

[ilancas] 12/6/2008 08:08

Q1 2008 NAV and Trading Update (Dolphin Capital)

RNS Number : 5386W
Dolphin Capital Investors Limited
12 June 2008


12 June 2008
DOLPHIN CAPITAL INVESTORS LIMITED
("Dolphin" or the "Company")

Q1 2008 NAV Announcement and Trading Update


Dolphin Capital Investors Limited, the leading investor in the residential resort sector
in south-east Europe and the largest real
estate investment company listed on AIM, is pleased to announce its NAV as at 31 March 2008
and provide an update on the progress in the
implementation of its investment strategy.

Highlights for the quarter ending 31 March 2008 and to date:

* NAV per share at 31 March 2008 before deferred income tax liabilities ("DITL") was
7% higher than 31 December 2008 (227p) at
243p.
* Ongoing expansion of Dolphin's landholdings at existing projects, including Kilada
Hills Golf Resort ("Kilada Hills"), Lavender
Bay Golf Resort ("Lavender Bay"), Sitia Bay Golf Resort ("Sitia Bay"), Seascape Hills Resort
("Seascape Hills"), Livka Bay Resort ("Livka
Bay"), Eagle Pine Golf Resort ("Eagle Pine"), LaVanta Resort ("LaVanta") and Playa Grande Golf
Resort ("Playa Grande"), for a total
consideration of approximately EUR14 million.
* Buyouts of minority partners in Venus Rock, Livka Bay and the Turkish projects for a
total consideration of approximately EUR11.2
million.
* Additional EUR62.7 million invested in the acquisition of prime land in strategic
locations in Cyprus, funded 100% by Aristo
Developers Plc's ("Aristo") operational cash flow and credit lines.
* Completion of Aristo squeeze-out and delisting from the Cyprus Stock Exchange on 15
May 2008.
* Permitting progressed across the portfolio, with significant milestones achieved for
the first phases of Kilada Hills and Seascape
Hills. Final construction permits for the first phase of both projects are expected
imminently.
* Preparation is underway for the re-launch of residential sales in Venus Rock, and
the commencement of construction activities in
Kilada Hills and Seascape Hills.
* Total gross home sales volume for Aristo slower for the first five months of 2008 as
compared to the same period for 2007 but at
the same levels as 2006. Average sales price per m2 in 2008 at a historic high.
* The Company's loan to value ratio continues to be very low - with gearing at 13%.
Substantial consolidated cash balance of circa
EUR301 million as at 31 March 2008.
* Invested and committed funds as at 31 May 2008 were EUR569 million and EUR698
million respectively leaving EUR141 million of
uncommitted funds.

Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited ("DCP" or the
"Investment Manager"), commented:

"Since 1 January 2008, the Company has continued to make significant progress with the design and permitting of existing projects and the expansion of its portfolio of assets. Our unique project and land portfolio, which is improving in value as the pre-development phases are advancing, coupled with a strong balance sheet, significant cash position and minimal gearing, clearly differentiate Dolphin from other listed real estate investors or developers. We are also well positioned now for partial or entire realisations of certain projects and land
assets which, if concluded, would result in significant investment returns for the Company."

[sammu] 03/4/2008 13:35

The founder is like a one may buyback opperation. He seems convinced they are cheap. A number of fund managers that I have respect for, also also rate this company.

[bisiboy] 27/3/2008 09:10

hectcorp- the biggest buyers in these markets are russian now see the managers
result statement last week.
also look at the explosive nav it is a very good business model and the projected nav growth is huge

[hectorp] 26/3/2008 08:20

I find Southrn Med developments eg Spain and Greece, relatively unattractive and I'm also suspecting with the high Euro and downturn in UK spending power and general housing weakness that there will be 2-3 lean years affecting spanish and Greek holiday property and hotel complex values.
However I'm going to stick some of these plays on close watch.
I hold DDC and RUS.
H.

[skyship] 20/2/2008 12:21

An interesting company which I've looked into following the Goldman Sachs mention a few days ago (see below). Have added to my Monitor & will watch for a revisit of the recent lows.

In the meantime, after an extensive review of the sector, including other specialist plays such as PHP, I've bought into what I believe to be CURRENTLY the best value property company - MERE. Strongly recommend researching, using all the links on the ADVFN thread ( Jul'07 IPO Listing prospectus, Oct'07 Presentation & Co. website). For total transparency, reasonable gearing, 26% NAV discount & most of all the secure 8.44% YIELD @ 480p (FREE of the invidious Stamp Duty); MERE has it over IERE & IRET.

==========================================================
Goldman Sachs has cut its ratings on Hammerson and Land Securities to sell from neutral. This comes as part of a wide-ranging review of the European property sector.

In a note to clients this morning, Goldman said that although share price underperformance may encourage a more positive view, three factors lead it to
remain cautious: a lack of financing strength, negative inflection points, a key point after which the market is likely to weaken, in the occupier market and unexciting valuations.

However, the broker said it sees little justification for being too bearish given the potential for higher earnings volatility in other sectors. Within the sector, France and Scandinavia appear most attractive, the UK and Spain the least, said Goldman.

Goldman said its analysis of the current financing position of the European real estate companies it covers suggests neither disaster nor euphoria. It sees an extended period of muted growth and rising borrowing costs given that current gearing levels appear demanding relative to pre-1990 levels and providers of finance are unlikely to regain their past appetite.

The broker said its coverage includes six 'buys' for which it sees two key themes: geographic exposure skewed to occupier markets, which it believes will be more robust, for example France and Sweden, and stronger balance sheet positions, such as in France.

Its five 'sells' play on the opposite of these themes, said the broker. It has added Castellum, Dolphin Capital and Silic to its 'Conviction Buy' List and Metrovacesa and Land Securities to its 'Conviction Sell' List.

It cut Hammerson to 'sell' from 'neutral' and reduced its target price to 870p from 990p and British Land was cut to 'neutral' from 'buy', with a 1,062p target, against 1,370p.
===========================================================

[peach] 02/2/2008 18:19

3 deals announced recently - all of which increase real and accounting NAV. I think one of the deals is the company's first exit - which could help show that management can realise assets effectively - in this case well above stated NAV.

Looking forward to the results in mid March when asset are revalued. The Euro appreciation vs £ will also help.

Management continue to be very much aligned with shareholders - through recent share purchases and their performance fee.

[bisiboy] 24/1/2008 19:52

does anyone know when the closed period is

[thebigswingingdick] 08/12/2007 16:01

Hi Peach - thanks for all the info

I have now bought into this also. The assets look quality and I would think the share price has clearly been depressed recently due to the general negativity surrounding subprime and the property market in general (which is justified for a lot of Real Estate companies). I feel the difference here is the assets really are prime (and we have some reasonable info on them), its standing at a large discount (to published NAV) and I have some confidence in the management. The calculation of the NAV is a clear risk though because in a fragile market like this its very finger in the air type of stuff - still if your timeframe is long enough we should see that gap close.

Also very encouraged by the large director buying over the last few days.

Interested to hear if anybody had particularly negative views?

[peach] 07/12/2007 09:07

Agree - Director has purchased again today - going from 3.2m shares to 11.2m. Also holds more indirectly.

A very positive sign.

[tipsytoad] 06/12/2007 09:54

and plenty more large trades going through this morning

[tipsytoad] 06/12/2007 09:52

director purchased 4,250,000 @ 123.5883 per share yesterday

you cannot get a better recommendation than that

[tipsytoad] 05/12/2007 09:01

presumably the large trades just showing up
is why the price has risen this am

could be interesting worth keeping on monitor

[peach] 03/12/2007 19:24

I've added to this recently.

The recent news on revaluation of Aristo assets (around half total land mass)should be positive on the results due on Wednesday. The shares are on a discount to historic book of 24% (based on today's 115p share price) - but book value is rising and with the imminent revaluation the discount is bigger.

Brokers have this on 42.5% discount to 2008 estimated book value.

I know a lot of UK property companies are on large discounts to book but often underlying NAVs are falling or expected to fall, whereas this company's NAV is expected to rise materially.

This broker note on the company's website notes the interesting point that the company is currently being valued at the same level of the cash it has raised - with no value given to the revaluation of property assets bought (which has been material and has been independently verified).



Many might fear the company's ability to raise debt to fund the planned development given where LIBOR is, but the company has €480m of cash set aside and has already provided it's ability to raise debt at non-penal rates during the summer turmoil. Interest bearing debt is currently only €179m.

Near term catalysts are:
- results due on Wednesday
- move to main list from AIM next year

Looks a very interesting opportunity to me....

Thoughts?

P

[donemyhomework2] 30/8/2007 08:19

Peach Hi,

I think this has done very well to date and but for the huge placing which takes time to be digested the price will continue its Northerly direction.

I feel this will more than double over the next couple of years.

Also worth seeing is the list of major shareholders.

[peach] 21/8/2007 23:37

Anyone any thoughts on this?

Appears to be trading on around 0.8 times book value. At 127p market cap is around £656m and stated book value at end March 07 (based on pro forma accounts to include recent Aristo acquisition) is €851m, before deferred tax liabilities and €715m after deferred tax liabs. They have also since raised €450m (before costs) via a placing at 170p. This gives total conservative book value of £777m (or around 0.8 times book). NB There are some warrants which will dilute NAV but the book is conservative as it is post tax liabs and it excludes revaluation of previously acquired assets.

They appear to have made very strong progress in growing their book value to date through development and are aiming at the luxury end (hotels, golf courses etc) in Southern Europe. Personally, I'd happily buy these properties for 80p in the £1.

I'm hoping that the recent market has created distressed sellers (perhaps those who took part in the placing at 170p?!) rather than there being anything fundamentally wrong with the company.

I guess the main risk for the company - which is currently largely net cash from the recent placement - is that the current macro environment could make it hard for the company to raise debt at a reasonable cost as it hopes to when projects enter their construction phase. Management appear to be canny (an ex Soros pm) and very well incentivised (through ludicrous management, performance fees and warrants) - that gives me some comfort that they should do well for shareholders.

Company is due to update in Sept - hopefully providing a catayst.

Website has more info:


And this broker note is particularly bullish (they hope for NAV of 263p in 2008):


Views welcome...

[blackmario] 15/8/2007 11:12

Hi

Does anyone have any idea why the fall in share price is so severe?

Thanks

Black Mario

[the_pimp] 20/1/2007 20:46

Minoan is worth looking at as well in this area.Is a one project venture but trading at less than half asset value.Going to move from OFEX to AIM in a couple of months.

[india93] 08/11/2006 20:17

hectorp - nice one lol

[hectorp] 08/11/2006 10:10

Investing in Greece! Cyprus? Croatia? Turkey? really!
Have a good look at DDC, and TRC too.. !

I'm no fan of Turkey but I do go to Greece most years, but honesly these are has-been nations... my view only of course.

[hectorp] 08/11/2006 10:07

ahgh India93 - I'm selling .. lol!

[india93] 24/10/2006 15:18

what was the essence of the article bitochon ?