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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Empiric Student Property Plc | LSE:ESP | London | Ordinary Share | GB00BLWDVR75 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 94.50 | 93.30 | 95.70 | - | 39,540 | 09:08:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 73M | 67.7M | 0.1122 | 8.42 | 570.12M |
Date | Subject | Author | Discuss |
---|---|---|---|
15/9/2017 09:26 | That trading statement in June where they claim noi at 70% again looks really dodgy. It is off that they managed to get the fundraising away. Scumbags. Hadn't realised how huge operating costs are for student properties. | horndean eagle | |
15/9/2017 08:06 | Surprised they got that large fundraising away recently, looking at recent t/s. Numis about right I reckon, though ESP do start to look interesting at a discount. ....Although NAV is thanks to revaluations, so it'll be interesting to see what happens if/when those go into reverse. Hard not to compare it to the huge REITS - LAND, BLND etc - & the massive discounts they're on. | spectoacc | |
15/9/2017 08:04 | Numis given them a real kick. Says total lack of confidence in management. Doesn't like the fact dividend will be uncovered. Need a real rocket put up them. Flag up in June trading statement NOI conversion was back at 70%. Now at 60%. Not sure quite how they managed that. | horndean eagle | |
15/9/2017 07:58 | It sounds like.... only until other beds come on line though | hannath | |
15/9/2017 07:55 | "..Shares worth having for the dividend alone" say IC - even though some of that dividend is coming out of capital? Not convinced. | spectoacc | |
15/9/2017 07:47 | SteMis - total return? And ESP's strategy looks rather like borrowing against future returns. EDIT: but this share price might be tempting! | jonwig | |
15/9/2017 07:34 | In Investors Chronicle today ... Empiric readies for jump in student numbers Empiric Student Property (ESP) spent much of the six months to June consolidating a number of acquisitions and developments, but the target of adding up to 3,000 student beds each year remains firmly on the agenda. Higher debt pushed up net finance costs but this was more than outweighed by a rise in net rental income. Demand for purpose-built student accommodation remains as strong as ever, and is set to grow even faster by 2020 as a result of a significant population bulge comprising children reaching university age. To meet this demand, Empiric has raised £110m through a share placing and a further £10m through an unsecured loan, and has already spent £51.2m on four acquisitions. Nearly 7,000 beds were operational at period-end. A further five acquisitions are in the pipeline, with an expected cost of £64m, and this is expected to lift gross annualised rental income from £53.8m as at June 2017 to as a much as £75m by June 2018. The implications of Brexit remain unclear; just under 7 per cent of students in the UK come from the EU, but three-quarters of these are postgraduates who spend less than 12 months in the UK and should not be affected by immigration limits. Analysts at broker Numis are forecasting adjusted net asset value at the new December year-end of 111p, from 105p a year earlier. EMPIRIC STUDENT PROPERTY (ESP) *Dividends paid quarterly. Second-quarter dividend of 1.525p paid on 1 Aug Empiric retains a 6.1p per share dividend target for the year but admits that this will not be substantially covered by after-tax earnings. We expect growth to accelerate over the longer term, but the shares are worth having for the dividend alone. Buy. Last IC View: Buy, 109.5p, 10 Apr 2017 | hannath | |
15/9/2017 07:23 | But dividend is much lower in DIGS. If ESP paid the same (lower) level of dividend as DIGS it's cover would be higher than DIGS's. | stemis | |
15/9/2017 06:19 | By way of comparison, DIGS shows how it's done: Dividend pays out £22.1m from available £23.5m. Eight fully-occupied properties, showing concentration. | jonwig | |
13/9/2017 13:31 | The share price is moving to par with NAV, making it impossible to issue new shares and forcing them to stick to their knitting. (As a REIT, they can't issue C shares or other financial engineering stuff!) | jonwig | |
13/9/2017 11:32 | Fully agree | joe say | |
13/9/2017 10:58 | Shockingly poor underlying earnings. Their admin costs seem to be way out of control. Would have thought leasing student property a fairly straightforward task. Had a look at their bonus set up. Only a third of it tied to underlying earnings. 1/3 on deploying capital. That is moronic. The other third they collected as well. Should do the decent thing and forgo bonuses until they sort themselves. Doubt anyone will stump up any more cash until they do. | horndean eagle | |
13/9/2017 10:51 | I also sold out of this and went into Grainger - better optionality on their properties and less vulnerable to Old Grim Twinkletoes (May). | jl9 | |
12/9/2017 19:10 | Glad I abandoned these in favour of WJG! | gswredland | |
12/9/2017 17:57 | They will issue new shares so long as the existing share price trades at a premium to NAV. If it doesn't, basically they can't. Their management systems can probably be scaled up to cope with additional properties and volumes. It's obvious they are chasing price per bed upwards and the market seems to be in a bit of a bubble, with new purpose-built premises providing the supply. My question to them would be, "Have you looked at the possibility of alternative use - eg. apartments - if the student market loses profitability?" I'm trying to see their side of the argument! | jonwig | |
12/9/2017 17:23 | WHy would they keep issue new shares if the exisitng investment is not making good profit? The management of this company seems to be much too greedy with their pay and incentive in the light of very poor performance in comparison of other companies in the same sector. | riskvsreward | |
12/9/2017 12:27 | The rent increase is being used up by higher property costs, admin charges and finance costs. The bottom line is stagnating. | tyranosaurus | |
12/9/2017 09:17 | Rather less than brilliant interim results published this morning. Thus the significant price drop. Glad I sold last week. | a0002577 | |
14/8/2017 09:27 | Thanks Jonwig. just a gut feeling that it is not attractive enough for the price paid. Also it will not get any income until two years later if the cost is upfront and who knows what the market is like in two years with uncertainties of brexit and economy etc. | riskvsreward | |
14/8/2017 09:16 | riskvs - yes, £160,000. I think their earliest purchases were well below £100,000. OK, Edinburgh is a premium location, and the Scottish model for student finances is different from the RUK one, but even so. I'm not sure of the yield intricacies here: students pay rent up-front for 51 weeks, I beleive but the room is sub-let for conferences, etc. in the long summer break. | jonwig | |
14/8/2017 09:06 | This latest deal looks pretty expensive working out almost 200K a bed assuming no cost overrun. How much they can get for rent for each bed,assuming 8K a year it works out only 4% yield gross which is not looking attractive. | riskvsreward | |
09/8/2017 11:10 | This is quite interesting, the last two aquisitions are former hospitals. The one in Liverpool is listed so I presume it had to be converted rather than re-built. The one in Bristol is an historic building but not particularly pretty (imo). There was an attempt to demolish it last year & build sheltered accomodation, I believe. This proposal was refused planning. I assume Empiric are planning to convert rather than re-build, this will probably have a better chance of success but we will have to wait & see how it develops. Are Empiric taking on an element of property speculation here ? D. | aylingd | |
03/8/2017 15:48 | Doesn't sound particularly exciting until you get to the development potential, which is quite a kicker! However exciting that is, development won't help cover the divi in the near term. Maybe they should get planning, make a nice turn and sell all or part on to developers such as WJG - now there's a company that knows how to add value! | jombaston | |
27/7/2017 06:51 | This sounds like a great purchase. | riskvsreward | |
27/7/2017 06:28 | The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, is pleased to announce that the Group has exchanged contracts to acquire the freehold of the Franciscan International Study Centre (the "Property") in Canterbury for £5.8 million (excluding costs). The acquisition is expected to complete on or around 9 August 2017. The Property includes five standing townhouses for student accommodation with 50 beds (of which 27 are en-suite rooms) and a separate 16,200 sq. ft. building, all set in three acres of land with development potential. The Property is located at the edge of the main campus of the University of Kent which benefits from a 24-hour shuttle bus service between the university and the city centre. Hello Student® will manage the townhouse accommodation and will be marketing it for the 2017/18 academic year. The Group is currently in pre-application discussions with Canterbury County Council regarding planning permission for a student accommodation scheme in excess of 325 beds to be developed on the Property. The scheme will consist of a mix of studios, two and three bed apartments and six bed townhouses, with a generous amount of student amenity space including a central reception area, large common and games rooms, work and reading rooms, a gym and offices. The Company is currently targeting the commencement of development works in Q3 2018. Paul Hadaway, Chief Executive of Empiric Student Property plc, commented: "Canterbury represents a prime opportunity for the Group with a low level of private accommodation serving the student market. The Property is ideally located to target students from the University of Kent, which is well regarded and has demonstrated strong growth over the past five years, including a 58 per cent. rise in postgraduate students and a 41 per cent. rise in international students. As well as generating revenue for the forthcoming academic year, the acquisition of the Property should enable the Group to develop a significant student accommodation scheme adjacent to this vibrant university and close to Pavilion Court, the Group's first Canterbury acquisition. This acquisition is in line with Empiric's investment criteria and returns profile." | skinny |
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