Ediston Property Investm... Share Discussion Threads

[nickrl] 06/10/2020 14:30

Sky increasing evidence points that way although i suspect many retailers will still try to get the rents down and threaten CVAs etc so this dark cloud will hang over EPIC for sometime yet.

[under the radar] 06/10/2020 14:22

BOR breaking out of triangle now and it’s up 19.7%

465mb of light sweet crude
No debt
Own 100% of acreage
BOD have skin in the game
Quick payback time
Under $35 a barrel costs
Could be a oil rim below Darwin
$2.5m enough to last 2 years
Mkt cap £3m
Potential 1mb total sourounding Darwin
Huge prospects on our acreage
Fairway play

Great news today about PMO merger for all Falkland companies.

Well worth tucking a few away imho


ATB and GL whatever you decide

[skyship] 06/10/2020 12:27

chucko - their sector is of course Retail Warehouses - a sector seemingly doing rather well and surprising to the upside...

[chucko1] 06/10/2020 10:41

Thx. Explains the discount and the poor valuation. Especially given the perception of it owing to the headline property sectors it has exposures to.

But it appears to be cheap considering the reality of the collections and the conservative stance taken by the board - and a refreshingly sober reporting style!

[skyship] 06/10/2020 10:00

chucko - my spreadsheet shows a relatively high 35.7%; but a low debt cost at just 2.86%.

[gary1966] 06/10/2020 09:35

Haven't a clue what just happened there but the price just dropped 3p and managed to add a load more at 46.69p incl SD. Very happy to have added to my position at that price.

[chucko1] 06/10/2020 08:36

What’s the latest reported LTV on EPIC? Not followed this one closely (yet!).

[spectoacc] 05/10/2020 19:30

Agreed - rent collections & covered divis the pick. Paid to wait, albeit in the hope things don't get significantly worse.

[skyship] 05/10/2020 17:27

An extract from my spreadsheet on 16 secondary propcos.

# Extracted to show those on 40%+ discounts

# AIRE & RGL included because of the great yields

# All NAV stats are to Jun'20, exc. MCKS still to Mar'20


EPIC share price ...NAV...Disc...Divi..Yield
---------------------------------------------
AIRE 51.00 83.60. 39.00 5.00 9.80
BCPT 67.20 120.70 44.30 3.00 4.46
BREI 52.00 96.60. 46.20 2.50 4.81
EPIC 49.50 90.24. 45.10 4.00 8.08
MCKS 190.00 329.00 42.20 7.20 3.79
RGL 66.00 102.60. 35.70 6.00 9.09
SLI 46.80 79.60.. 41.20 2.86 6.10
SREI 32.85 57.70. 43.10 1.54 4.70

"You pays your money you takes your choice"....but sure looks to be
some great value out there, especially those showing good rent collections.

[clausentum] 05/10/2020 10:18

Even in these troubled times tucking away £10K at 8% made sense.

[skyship] 05/10/2020 09:59

At 49.75p inc. SD, the Discount = 44.9% & the Yield = 8.04%.

free stock charts from uk.advfn.com

[spectoacc] 05/10/2020 09:40

One of the things I like about EPIC is they're a relatively winner under Covid - so if things do deteriorate further/go on far longer, EPIC is insulated, albeit not immune.

NAV likely to be more accurate/secure/less prone to ongoing markdowns thanks to the recent Retail Park transactions too.

Xmas spending shaping up to be all online & supermarkets, and - retail parks.

[irishmatt] 05/10/2020 09:37

Agree or maybe a extra catch up dividend rather than committing to a higher level yet. Either would be good

[skyship] 05/10/2020 09:32

My reason for buying back the few I sold higher up at 52.5p, is that I strongly believe that if we see things NOT deteriorate further on the Covid front, then EPIC's rent collection suggests we may see a dividend increase from the over-cautious 4p/annum rate:
=======================

Quarter 3 rent collection update

Rent collection for the quarter has progressed in line with previous forecasts, with the monthly rent payers continuing to meet commitments. As at 5 August 80.5% of the rent due by 1 August has been collected. The Company will have collected 90.4% of rent due for the quarter ending 30 September 2020 if the tenants who paid monthly for July and August continue to make payments for September. On this basis, the current dividend level would be 130% covered by rent collected (less expenses) for quarter three and potentially as high as 140%, after taking into account deferred rent covered by payment plans.

[skyship] 05/10/2020 09:18

Yes, I've had a few this morning, as have others it would seem. Now over 80k of the cheap stock absorbed...

[flyer61] 04/10/2020 11:29

All the evidence points to retail parks going great guns. The price is back around the 50p level. Anybody buying?

[nickrl] 28/9/2020 16:18

I know Haddington and there is no other retail pk competition in the area. Also given how long it took to get planning it made it easy to attract tenants to a ready made developments.

Having these discounters as tenants is good for the portfolio given the likely course of the ecconomy for next few years imo.

[skyship] 28/9/2020 13:32

Hmm - fair comment, agreed to a point...

[jinkypearson] 28/9/2020 11:22

Surely a good deal in an expanding part of the UK (Haddington) is better than a poor deal elsewhere regardless of percentage exposure.

[skyship] 28/9/2020 11:11

JP - Scotland represents 8.3% of the population of the UK. EPIC's exposure to Scotland is already at 14%, so shouldn't go higher.

Basic economics, basic commonsense whilst Sturgeon and her economically illiterate pack are still pulling the strings North of the border.

[jinkypearson] 28/9/2020 11:03

It's no wonder there is a drive towards a break up of the union when people don't want investment to go to Scotland. Even more so when the company doing the investment is fundamentally a Scottish company!

[skyship] 28/9/2020 11:03

Prelims out today over at BREI. An interesting snippet:

"A large portion of the Company's retail exposure is low rented, functional, retail warehouses. The majority of the Company's tenants in this space were able to remain open throughout lockdown. This was
demonstrated by the 94 per cent collection from this part of the portfolio for the March to June quarter, with monthly payment plans having been put in place to assist some tenants with cashflow where justified."

[jinkypearson] 28/9/2020 08:58

Then you will be aware that this is old news.

hxxps://www.eastlothiancourier.com/news/18664550.gateside-retail-park-work-starts-site-haddington/