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 Shares Traded Last Trade
  -0.60 -0.93% 64.00 1,231,360 16:35:18
Bid Price Offer Price High Price Low Price Open Price
63.80 64.30 67.80 62.00 67.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 70.91 54.77 9.08 7.0 386
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:18 UT 323,523 64.00 GBX

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Date Time Title Posts
20/6/201810:18Relaxing Visa Rules for students -
26/4/201208:16Economics, Sentiment & Price2,939
11/9/200815:35Trading from Spain11

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Empiric Student Property Daily Update: Empiric Student Property Plc is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker ESP. The last closing price for Empiric Student Property was 64.60p.
Empiric Student Property Plc has a 4 week average price of 50.30p and a 12 week average price of 50.30p.
The 1 year high share price is 104p while the 1 year low share price is currently 50.30p.
There are currently 602,887,740 shares in issue and the average daily traded volume is 1,910,544 shares. The market capitalisation of Empiric Student Property Plc is £385,848,153.60.
spangle93: There's an interesting comparison of ESP with DIGS and UTG in a table in this recent Edison update hTTps:// Dividend higher and p/NAV lower than the other two, but share price appreciation well lags its peers
chucko1: “Bone-headed” is an understatement. She was the only senior politician who thought it was a good idea. It was patently mad, but she paid the price of her madness in the end. Geoff Boycott being the only winner, it would seem, other than those hopeless advisors she saw fit to listen to. No effect on the share price, though. Market appears bored with ESP having been punished twice over the past three years or so. It’s not exactly growing.
jimmyb33: Listened to the results meeting on the company web site. The cfo did not sound so confident as in previous broadcasts. Lot of talk of not having control of the operations whilst still outsourced. Target 350/400 beds in a town so they have a few towns where they will have to sell up or add properties to bring the bed count up. Sale of three properties held over until brexit settled. 120 students did not show up having booked rooms which trimmed occupancy %. Share price falling reflects the hard work that lies ahead.
rimau1: Everything remains on track here, good progress being made across all metrics, i would expect the share price discount to NAV to close further this year.
stemis: Assuming they continue to pay a 5p per annum dividend for the three years, she'd only get full vesting if the NAV increased to 128.5p (on the current discount to NAV that'd mean a share price of 119p). That's no easy target as the dividend probably takes up all the profits of the company in the period so any net asset value increase will have to come from revaluation/development of property- about 15% increase in value is needed. If anyone deserves a bonus though it's Ms Fennah
jonwig: Will the growth of online degrees have an impact? Https:// This isn't an immediate threat, but it might indicate that the property aspect is going ex-growth. DIGS (which I hold) hasn't made much share price progress for ages, though London's prestige value for rich overseas students is propping it up. ESP is probably due a short-term boost, but how will its estate value react to extra voids? Are its buildings adaptable for alternative use?
brwo349: The only surprise is the share price went up after the results. There are far more attractive REITS out there than this one.
speedsgh: Q&A session from the FY2017 Final Results webcast, part 4... Q (Michael Prew, Jefferies: 40m37s) Mike Prew, Jefferies. Just really following on from the student bed-ratio. Is that the criteria that you’re going to use to select which locations you’re going to start selling? Will there therefore be any margin enhancement affected by the sales programme? And if you are realising cash, surely a share buyback option would be a sensible option? A (Tim Attlee, Acting CEO: 41m00s) So, I think we’ve suggested that we’ve made a top-to-bottom analysis of the business in all its facets and among that has been an analysis of the performance of every single asset against a number of criteria. So student-bed ratio is a really interesting one and it is something where you can take into account the existing supply-and-demand ratio as well as the future supply-and-demand ratio. And it’s an interesting indicator for future rental growth. So there are cities which have got a relatively modest SBR ratio, so somewhere like for example Falmouth which is close to my heart in Cornwall where the SBR ratio is very high at 2.7 or nearly 3. And a city where you’ve got a lower ratio, such as Liverpool, where it’s a well provided city at 1.3. But interestingly from our perspective, what we’ve discovered is that there isn’t necessarily a straight line correlation between a performance or a margin and the SBR ratio, or indeed rental growth because in the end it’s all about the real estate, it’s all about the assets you’ve got in the city. A low SBR ratio, in other words where there is a lot of supply, will potentially constrain your ability to drive rental growth because you’ve got a lot of competition. But it’s not necessarily the only parameter that’s used either to select an asset for disposal or to select places where you might develop. Because if you have an exceptional location in a city, even a well-supplied city, there’s still a case for acquiring it. A (Stuart Beevor, Acting Chairman: 42m40s) And to answer your second question, Mike, in terms of buybacks and so on, as you can imagine the Board has considered all sorts of different matters but our main focus is delivering this improvement plan and, if we can do that, then we hope that the share price will get back to where we think it should be. And that’s our main focus. If I can just add very briefly, one of the challenges that we have at the moment is making sure that we deliver the right income to cover the dividend but at the same time use our capital, our balance sheet, to take advantage of development opportunities where we’ve got expertise and we can add extra value. And so that’s part of our consideration at the moment, it’s to get the right balance between all of those things.
hannath: In tomorrow’s Moneyweek Tapping students for cash This student-property fund shocked investors with a dividend cut last year, but its shares now look better value EDINBURGH: A RESILIENT MARKET FOR THE LONG TERM This week I have a contrarian idea for the more adventurous fund investor. Empiric Student Property (LSE: ESP) has fallen out of favour in recent months and its shares are trading at around 84p versus a net asset value (NAV – the value of the assets in the underlying portfolio minus its liabilities) of about 103p. This reflects a number of problems that emerged at the end of last year, which prompted the hiring of a new CEO and a big strategic review. However, I’ve been tracking this specialist fund for some time now, and have a sense that it might have turned a corner and be back on the straight and narrow. Empiric is a classic example of looking in the wrong place for risk. Like many investors, I’ve been worried about a turning in the tide of foreign students filling up university accommodation. Higher-education funding is the subject of massive political debate and the prime minister is evidently vexed by the sheer number of foreign students coming into the UK. I’ve also been worried about the number of new operators entering the student-housing market. However, my worries about a competitive market and changing policy were misplaced. My real concern should have been how well Empiric could execute its business. In retrospect, this should not have been a complete surprise. Unite, the dominant player in the student-housing market, also had a sticky patch a few years back as it built up its student-housing brand and made the switch from a pure development focus to an outfit more like a cash-flow-focused real-estate investment trust. The firm has since performed very well. THE UNKINDEST CUT Still, the news of Empiric’s setback was understandably not well received by investors. In particular, few income investors would have liked the dividend cut, which took the target payout down to 5p per share. The shares tumbled from around 113p in September – a substantial premium to NAV – to stand almost 25% lower at the time of writing. The good news is that Empiric has reacted quickly to its problems. As well as replacing its CEO it has announced a number of measures to improve operational efficiencies and lower costs. However, this hasn’t stopped growing its pipeline of new units. Just a few weeks ago, the fund announced a new acquisition of a 240-bed student property in Southampton for £10.6m. GCP Student Living, a rival student-property fund, has focused more on prime London properties, but I think I prefer the more provincial approach favoured by Empiric – as long as it can hit its targets. London is a great market for foreign students, but it’s also heinously expensive and very dependent on those foreign students. Empiric has been happier to range widely into the second-tier cities such as Cardiff, Edinburgh and Southampton, which might be more resilient over the long term – and offer slightly better value. The current share price of 84p puts the fund on a sensible discount to NAV. The lowered dividend equates to a yield of 6%, which feels about right. Personally I’d prefer the share price to be closer to 80p and the yield at around 6.5% before I’d definitely jump back in. Market volatility might well deliver that price some time soon.
bscuit: Awhile back Mr Bearbull concurrently reviewed ESP and PHP and preferred the former for its 1% more yield, but in the same timeframe ESP share price has much more significantly declined and the WJG has performed significantly better albeit with a sharply lower yield. Overall for me ESP has been a poor investment.
Empiric Student Property share price data is direct from the London Stock Exchange
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