Great Portland Estates Share Discussion Threads

[skyship] 13/2/2012 13:26

Roger - see the PE thread and the SL thread.

Actually at the moment APEF is the clear winner for action - 46% NAV discount!!

[roger-lawson] 13/2/2012 12:15

As a holder of shares in this company, I do not see why the directors allow it to trade at such a discount to NAV. Some buy-backs or tender offer should certainly be done. I did raise this at the last AGM and was advised the discount issue was being considered but nothing obvious has been done since.

This company is very similar in some ways to Dunedin Enterprise who did an about-face recently on this very issue, after coming under some pressure.

Perhaps we should organise a campaign to get the board of Graphite to take action on this matter?

Roger Lawson, ShareSoc

[18bt] 08/2/2012 15:37

Wassup? some disposal I haven't spotted?

[18bt] 21/12/2011 12:11

IMS on 8th Dec. NAV now 564.6p per share. Discount to NAV now 37%. SVI announced a tender offer for its shares on Monday at a 10-15% discount to NAV. IF GPE were to do the same, there should be good upside to these. The level of over commitments to funds is now down to a very low £14.1m once the new bank facility is taken into account. It must be worth the company using some of this facility to launch a share buy back at these levels. The market cap is only £258m, so a tender for 10% of the share capital would result in a good uplift in NAV per share for the remaining holders.

[killing_time] 07/5/2011 15:49

Chairman's statement out, dividend 2.25p same as last year.
Outstanding commitments at 31 jan totalled £173.7 million. After the sale of Wagamama, Kwik-Fit and Preh available liquidity should increase to £94.3 million, this should therefore be sufficient to meet draw downs for over 18 months even if no further realisations are achieved.

As a result of the companies high level of liquidity, we would expect to accelerate the existing investment programme through a combination of new fund commitments, secondary fund purchases and selective direct co-investments.

April 2011.

[killing_time] 09/4/2011 11:28

It is possible of a special divi as they have raised a lot of money in a short space of time,but if i remember rightly they have a lot of forward commitments.This does put us in a strong position so i would expect the share price to close the gap with the nav.

[losos] 08/4/2011 15:26

Sold Preh today (Something in Germany!)

Over £30M in the bank - can we expect a special divi??? Any thoughts anyone?

[pejaten] 25/3/2011 12:50

Totally agree. Sounds management. Consistent track record. 3 years these were trading at a premium to net assets!!!!

[18bt] 25/3/2011 07:21

Announcement this morning pushes NAV over 500p on disposal of Wagamama and Kwik Fit. WOuldn't want to be in either when consumer incomes under so much pressure. Discount still 34%. Far too high IMHO, so targeting upside of 10-15% on the share price

[18bt] 09/12/2010 07:06

IMS today points out the still massive discount to NAV on these 38.3%. Other PE trusts have narrowed their discounts significantly - this one looks great value.

[18bt] 08/11/2010 17:39

All PE investment trusts are showing continued strong momentum. GPH still standing at abigger discount than some still 33% rather than apparent single figures appearing elsewhere.

[18bt] 28/10/2010 18:32

Bolstered by good IMS from SVG today.

[biggest bill] 25/10/2010 09:36

I see that Graphite have put Park Holidays up for sale at an asking price of £200m. If they can get that price, it would be a useful addition to the net asset value.

[rambutan2] 11/10/2010 23:03

One of GPE's...

[18bt] 11/10/2010 15:08

Topped up my shareholding as I don't think the market is reflecting the recent interims and other PE share prices like Electra have started to recover.

[biggest bill] 06/10/2010 14:25

I have finally bought back into Graphite after three years out of private equity trusts. The discount to asset value is simply too high. I expect the discount to narrow from 40% to 20% over the next couple of years as the discount starts to return to its long term average of 15%. Even if there is no rise in net asset value at all, my anticipated fall in the discount equates to a share price rise of 33%.

[18bt] 30/4/2010 08:17

Just been reading a Candover summary of the buy-out market. The conclusions are:

Despite much optimistic rhetoric over the prospects for 2010, the year seems to have carried over the subdued atmosphere that prevailed through the end of 2009, with overall activity levels falling slightly in Q1 from 235 deals to 226.

There was some good news in the form of an increase in the aggregated value total, though the modest 2.6% rise from €10.3bn to €10.5bn reflects more accurately stagnation compared to the previous quarter rather than any sense of growth.

Further encouragement will be gleaned from a comparison with the first quarter of 2009, which reveals that the total value of investments is up almost three-fold year-on-year. If history is any judge, 2010 should therefore see significantly improved statistics over the year as a whole.

Growth was driven by the mid-market, where GPE are strong.

[18bt] 16/4/2010 14:24

Even given no improvement in NAV, I do feel that there should be a further closing of the discount. 15-20% would be my targte over the next few months. Given that I also think multiples will rise from 9x EBITDA partly as a result of the rising stock market and that the EBITDA which is multiplied will also increase, I can see upside of 25% or so from here. I also have shares in Electra, which is also performing well since the New Year and SVG is tipped in IC today.

[nil pd] 16/4/2010 12:31

18BT, I've kept GPE on my monitor in spite of selling out in full before the crash in 2008 as I always had some respect for the management (as well as the concept of access to private equity in this vehicle). Yes, that call option was a good punt, wasn't it, even though I considered it rash for an IT to get into such an instrument?!

The share price is now speaking about 400p again and I wonder if I've missed out on the recovery. What's your opinion about closing the 25% discount to NAV? To be clear, I'm not a holder right now.

[18bt] 16/4/2010 08:02

No comment on these since the final results in March, but the accounts are now out. The over-commitments now look very manageable, so I don't think there is any doubt as to the financial viability of GPE going forward. The shares still sit at a discount to year end NAV of some 25%, which seems very high. It's just a pity they haven't done what they did a few years ago and buy a call option on the market with the spare cash.

[18bt] 13/11/2009 07:20

IMS this morning. Nothing much new.

[james111] 31/5/2009 20:19

one of my better buys! got in at 161 in march. about time something went right for me this year.
anyone topping up at these levels or do we thing things may slow somewhat?

[goldthorpe] 07/4/2009 16:09

Director buying yesterday. Not seen that here before.

[donalc] 06/4/2009 10:33

I thought result read very cautiously so am a bit surprised at this jump.