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
  -2.40 -3.56% 65.10 114,461 16:35:26
Bid Price Offer Price High Price Low Price Open Price
65.00 65.20 68.60 66.00 68.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 20.85 14.07 6.66 9.8 137
Last Trade Time Trade Type Trade Size Trade Price Currency
16:20:39 O 3,000 65.996 GBX

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Date Time Title Posts
11/1/202116:38EDISTON - A propco Managed for Yield384
07/9/202013:36Inspecs 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 67.50p.
Ediston Property Investment Company Plc has a 4 week average price of 64.40p and a 12 week average price of 49.40p.
The 1 year high share price is 92.40p while the 1 year low share price is currently 38.80p.
There are currently 210,333,737 shares in issue and the average daily traded volume is 213,907 shares. The market capitalisation of Ediston Property Investment Company Plc is £136,927,262.79.
nickrl: Interim Divi RNS out Affirms 0.3333 payment with following commentary 96% of the rent due for the quarter has been collected at the date of this announcement, which is in line with previous forecasts. The current dividend level is 136% covered by rent collected (less expenses) for quarter four. Im presuming this refers to rents due 25/12 and if so is very good position and surely must allow an uplift in divi now.
nickrl: A few other observations Inv Mgt Company has given us 40k pa discount on charges and 20% of fee will be paid in shares and with lower NAV its dropped by 0.4m. Small investors have increased on the register CVAs have cost 6% of NRI - EPIC have right to move out tenant though as when they get suitable replacement. Rent collection at cash level, ignoring whats still owed, they easily cover 4p pa so with REIT rules i would forecast 0.4p/mth is sustainable. Doesn't look like they have many issues with can pay but wont merchants so limited bonus likely to arise from ending of the moratorium. Restoring dividend to previous level needs the vacancies filled and replacement tenants for CVA units who are going to pay a fair rent.
clausentum: I feel relaxed holding EPIC, the share price increase since October has been nice and steady, compared with volatility of RGL and SREI.
clausentum: It was so easy to decide to buy EPIC in October at 50, the only difficulty was which of the bargain REITs to choose. Now RGL, EPIC, SREI etc still seem to have further capital gain potential, but I am finding it psychologically hard to put further money into them because of the 30% rise I have missed. I currently have equal amounts in these 3 REITS, and a long term holding in SHED which is safe but with limited near term upside.
nickrl: EPIC reconfirmed monthly div remains at 0.3333p and that its forecast to be 139% covered at Q4 if remaining monthly payments are made although i guess there's modest risk of some loss from tenants on forced lockdown but still should be possible for special dividend here.
spectoacc: Down 1.3% on the qtr at CREI, I don't see a comparable figure for EPIC? "Fair value independent valuation of the property portfolio at 30 September 2020 of £273 million, a like-for-like decrease of 2.9% compared to the valuation at 30 June 2020." -4.7% with capital expenditure & gearing. But doesn't appear to break out Retail Warehouse valuations. Forget how many offices EPIC has: Retail warehouse 60.6 Office 26.8 Supermarket 9.6 Other commercial/ Leisure 1.9 Development 1.1 Seems unlikely the supermarkets have been down-valued by more than the retail parks, but the offices and "Other commercial/Leisure" could be. Would concern me if share price 85, NAV down from 90p to 86p. But a long way from 86p to 52p.
hugepants: They don't sound impressed by the current share price or the continuing write-down in the assets. "However, the acceleration in the rate of change in real estate markets is creating opportunity and perhaps none more than in the retail warehouse sector where the resilience of income appears mispriced."
spectoacc: Pleased with that - 86p NAV, divi 139% covered (& will rise in time), rent collection gone well and continues to, new lettings, Haddington income kicks in next year. Valuation drop relatively small, magnified by gearing & capital expenditure, but - NAV 86p, share price 51p. EPIC come through the first lockdown, will get through any subsequent ones. Talking book, but too cheap down here IMO. Edit - re CVA's: "Company Voluntary Arrangements (CVAs) The Company was affected by two CVAs during the period. First, fashion retailer New Look completed its second CVA in September. The Company has two units let to this tenant, at Widnes and Prestatyn. In both locations the tenant will continue to trade, but with the rents changed to a turnover only basis. This means the rental income received by the Company will be linked to the performance of the individual stores. The Company voted against the CVA. The expected loss in rent from the CVA equates to 0.96% of the Company's contracted rent roll. The tenant did not pay its full rent in the March or June quarters and it was assumed that it would not pay the full rent in the September quarter either, therefore the rent collection projections are not affected by this event. Under the CVA there are mutual break options which give the Company an opportunity to terminate the leases at regular intervals over the next three years. The intention is to do so when new tenants for the space can be identified. The Investment Manager is exploring options for each location and will report on these in due course. The second CVA affecting the Company was completed by Pizza Hut. The Company's exposure to this tenant is at Clwyd Retail Park in Rhyl. The unit was 'Category 1' and will be retained by Pizza Hut with the rent maintained at the pre-CVA level (and not linked to turnover). The only change is a move from quarterly to monthly rent payment terms."
jombaston: Clearly they could afford to pay a 5p div but maybe they will edge it in that direction to start with. It might not be popular with some shareholders but if the share price stays around 50p buying their own shares might offer better returns than many potential real estate investments or initiatives. Likewise for other property companies, buying EPIC might offer attractive returns, even before potential management cost savings
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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