Share Name Share Symbol Market Type Share ISIN Share Description
Ediston Property Investment Company Plc LSE:EPIC London Ordinary Share GB00BNGMZB68 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 74.00 167,525 16:29:45
Bid Price Offer Price High Price Low Price Open Price
74.00 75.40 75.40 74.00 75.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 20.85 14.07 6.66 11.1 156
Last Trade Time Trade Type Trade Size Trade Price Currency
17:17:29 O 70 74.00 GBX

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Date Time Title Posts
15/9/202114:19EDISTON - A propco Managed for Yield794
07/9/202014:36Inspecs Group - Designer and Manufacturer of Eyeware-
27/2/200813:11Earthquake - On line survey - add your input3
15/3/200519:00What's in an EPIC?2
14/12/200204:48shorters charts8

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Ediston Property Investm... Daily Update: Ediston Property Investment Company Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker EPIC. The last closing price for Ediston Property Investm... was 74p.
Ediston Property Investment Company Plc has a 4 week average price of 73.80p and a 12 week average price of 67p.
The 1 year high share price is 78.20p while the 1 year low share price is currently 47.30p.
There are currently 210,333,737 shares in issue and the average daily traded volume is 669,960 shares. The market capitalisation of Ediston Property Investment Company Plc is £155,646,965.38.
marktime1231: Yes skyship I wondered about that when doing my sums, does UKCM pay five rather than quarterly dividends? While EPIC has locked in low interest rates gearing is exactly what they call it, leverage to improve returns, so an aggressive investment management style in this environment is delivering rewards. We are not there yet, but when interest rates threaten to rise or low cost loans for future development are less available how does EPIC respond? The reason I put my bet down here is that I expect EPIC will be able to raise rents / yield at least as fast as its interest costs. And / or it can raise funds in other ways?
marktime1231: In answer to my own question EPIC said they spent £21.85M on Springkerse for an initial income of approx £2.08M (9.54% initial yield) and hope to improve that when fully let. So yes Trafford Park looks a good deal for UKCM with a gross 7.5% yield, but that means EPIC made an even better deal on Springkerse. UKCM pays a c. 4.2% dividend, EPIC is 6.5% heading for 7.1%. UKCM is much bigger and more diverse with lower gearing, but on a 15% discount despite a rebounding NAV. EPIC discount has closed to 12% eg the market thinks its portfolio is lower risk and (we hope) NAV is at a point of inflection to start appreciating again. EPIC wins.
banj: Ian Cowie opinion in todays ii: (Ian Cowie owns shares in Aberdeen Standard European Logistics Income (ASLI) as part of a diversified portfolio of investment trusts and other shares.) For example, Ediston Property Investment Company EPIC +3.78% today focuses on retail warehouses or out-of-town retail parks that enable shoppers to touch what they are buying without worrying about the risk of contagion in crowds or public transport. Some 70% of EPIC’s assets are invested in retail parks with its biggest exposure in Wales, which accounts for 22% of assets, followed by the North East with 16%. By contrast, BCPT is 35% invested in London’s West End and 20% in the South East. Despite EPIC’s total returns of 48% over the last year, plus a mouth-watering dividend yield of 6.9%, this £294 million trust continues to trade at a 17.4% discount to its NAV. Once again, the explanation might be that shareholders’ income has been shrinking by an annual average of 2.4% over the last five years when total returns were also negative at -5.3%. That underlines the worry that investors in physical retail are buying the past when, as the historic saying goes, yesterday’s river grinds no flour. It’s always reassuring and often rewarding to see an asset you own become fashionable. But that’s no guarantee of future returns from ASLI or BOXE. If we have seen peak WFH and some shoppers persist in wanting to touch before they buy, BCPT and EPIC might prove to be better bargains for the brave.
marktime1231: c. 23 July EPIC bought back two approx 4.9% and 3.9% holdings from Stadium at an unstated price, at about the time when the market share price stepped up from mid-high 60's to low-mid 70's based on a NAV/trading update. c. 27 July EPIC placed an approx 6.4% stake with Thames River Capital, which may be the secondary placing at 67p described in today's announcement. As you say this is a slight discount to market price but a considerable discount to NAV. If these two transactions roughly cancel each other out it will not be dilutive. Maybe it cost more to buy out Stadium than they raised with the Thames River placing, and/or they still have a couple of million shares to place or sell in the open market? What do EPIC mean when they describe their own investment manager as having an intensive style? Adjusting the mix of portfolio assets for higher yield and refurbishing units to attract higher occupancy just seem like sensible good management practices to me.
jlondon: Further to the discussion today, Wed, 28 July 2021, the share price of EPIC is 74p/74.8p [Advertised] +0.54%. A/c to HL, "the Estimated NAV is 87.13p. Premium/ Discount: - 15.75%. Dividend Yield: 6.52%." The dividend yield was higher when Midas recently wrote up on EPIC and another Warehouse REIT, the latter of which at the time had a lower dividend yield and from recall not at a discount? Dividend Yield for EPIC is monthly.
chucko1: All I can say is that this has some catching up to do given the performance of other REITs the past few months. A ratcheting up in price after the departure of a perma-seller is something we have seen in some other ITs. Also, the theme of this REIT - Retail Warehouse - sounded ugly a few months ago and likely got a bit of harsh treatment from the valuers. The big turnaround in NAV likely has further distance to travel and this is already at a near 20% discount (now around 17% now using an share price of 72.5p). The yield is great at 7.5% or so, but that is great only for the same reason we celebrate a large discount - the underlying share price is low. It is not two separate good things. Longer term, at least we have seen what happens to retail warehouses in general market distress - they do fine. This likely protects against significant downside in the event of further significant COVID problems. You cannot say that for some other property types and certainly other market sectors.
cwa1: Rubs eyes...shakes computer...mutters a bit...nope, in spite of all that, the EPIC share price really DOES start with a 7...lordy...
skyship: Boystown. There is no problem. This piece I posted on my JDT thread explains the position and the opportunity: ============================= Ediston (EPIC) - Anomalously cheap & a secure high yield… The REIT sector, provided you get the timing right, is the gift that keeps on giving. My last recommendation was for BREI just 2 weeks ago; and that is already yielding a useful profit. I top-sliced a few at 75.6p; and reinvested the proceeds to top-up my holding in Ediston Property Inv (EPIC). EPIC is one of the smaller players with a MCap of just £143m. It is also pretty unique as it majors on Retail Warehouse – 66% of the portfolio. NB: This is NOT Retail. Retail Warehouse is a separate sector – out of town retail parks have done well during the pandemic as they have proved a popular shopping venue. EPIC at 67.8p trades at a 19.5% discount to the 84.26p Mar’21 NAV. On the 5.0p annual dividend (paid monthly at the rate of 0.4167p) the yield is a securely covered 7.37%. It is the Board’s intention to increase the dividend and will consider the position after the 30th Sept year end. An increase to 5.5p looks pretty well baked in, so increasing the yield to a highly attractive 8.11%. In the meantime we will see an NAV & Trading Update later this month. If you compare the charts of EPIC against others such as BREI, SLI, RGL & SREI you will see that they haven’t recouped the Mar’20 losses quite as well. There is a reason for this. A major shareholder has been reducing its stake through the Market – a tap seller holding the price down at around the 68p level for the past 8months. They held 14.5% in Sept’19; 10.51% in May’21 and still 6.13% at the end of June – 12.9m shares. “Since the issue of the shares to Stadium Group in relation to the portfolio acquisition in December 2017, an orderly conduct agreement has been in place over the holdings of Stadium entities detailed above. Although the agreement that the vendor would not dispose of these shares expired on 8 December 2018, Stadium Group is still bound by an agreement to only dispose of their shares in an orderly and considered manner and after providing three business days’ notice to the Company. It is on this basis that Stadium has operated.” A buyback of that stock is now unlikely due to LTV reasons; and the discount level at c20% would not really impact the NAV very much in that it would only add c1.2p. So the best outcome would be for the Company to find a couple of institutional holders to take the stock and remove the tap. Until then, EPIC is likely to flat-line…but provide a very healthy yield as it does so. A removal of the tap would likely see the shares make a good move forward. IMO, without the overhang, they should be trading @ c80p.
cwa1: William Hill, Chairman, commented: " The Company has come through the pandemic in a relatively strong position and is well positioned to navigate recovery and to respond to challenges that may lie ahead. The Board believes that the case for share price growth is realistic given an attractive yield of 7.2% on the current share price. The improving rental income position should drive further dividend growth. A substantial part of the portfolio is held in a sector of the market where recovery has started to take shape which should benefit the NAV. In summary, whilst still cautious, we are in a position to move forward with some optimism."
skyship: 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.
Ediston Property Investm... share price data is direct from the London Stock Exchange
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