Hammerson Share Discussion Threads

[essentialinvestor] 10/12/2018 15:26

Hp, I'm questioning if that disposal target will be achievable at
anywhere near acceptable valuations.

[hugepants] 10/12/2018 15:18

They are selling their retail parks. NRR are the retail park REIT and it keeps falling so I expect HMSO will be taking a biggish haircut on the book value.

[hugepants] 10/12/2018 14:42

They are expecting to sell $1.4B of non-core assets by end of 2019. This amount dwarves the buyback so I'm not anticipating a fund-raising even worst case.

[essentialinvestor] 10/12/2018 14:31

If things get really ugly they may need to come back
to shareholders for a fundraise come the next downtown.
It's done now, but the buyback is a dreadful misjudgement.
All just IMV only.

[hugepants] 10/12/2018 14:16

Not sure about that. They are buying back a meaningful amount at a massive discount to NAV. So its going to be quite effective.
LTV is 37% which doesn't seem high for a property company.

[essentialinvestor] 10/12/2018 12:36

Mentioned at the time of the buy back announcement
this was a significant error of judgement imv.

They should have used that money to retire some debt.
LTV may shoot up with falling asset values over the next couple of years.

Where are the recent disposals??.

[hugepants] 10/12/2018 11:24

This stock isn't exactly flavour of the month!

Clearly Mr Market does not believe the NAV. The lowest NAV figure I can see is 725p (NNNAV). They've been selling their retail parks at a discount so a NAV of maybe 650p is more realistic. Yield almost 7%. LTV 37%. The current £300M share buyback is significant given the current market cap and discount.

[manrobert] 29/11/2018 17:48

yes Grantley it amazes me.glad I sold out at 561 but still follow the share.

[grantley] 29/11/2018 14:32

Thanks manrobert. I don't understand how the CEO is able to continue when the share price is currently 40% less than the offer that was turned down, Surely the institutional investors or Elliot who bought in will be wanting change but nothing mentioned in the press about it and surprised nobody here shouting about it. The CEO said that the offer was to low?

[manrobert] 29/11/2018 14:22

yep 650p actually turned down by atkins!!

[grantley] 29/11/2018 14:12

Under £4 having turned down an offer at £6 (from memory) earlier in the year. Nice work by the Board.

[hybrasil] 16/11/2018 14:21

I suspect this has still quite a way to fall

[777mason] 27/10/2018 16:48

The way I see it is We're now coming from emerging markets to developed markets because, in the corporate sector, there are now headwinds for corporate profitability that weren't there before.

We know that confidence in the retail sector is taking a tip down. In that sense, in each country in each market, you can find an idiosyncratic cause that started with the global tightening and the repeal of post-crisis of easy money.

in my eyes this it means we're all going to join in the selling on days when things start going down. It's still very patchy, you'll get bounces, but when things are going down generally, a bit of bad news can have even more of an impact.

The big test for everyone will be how deeply a global economic downturn is. One of the things that have happened is the economic cycle is back partly because developed markets in terms of excess borrowing like we had in the last crisis we don't have an inflation spike just a diameter stack on 2% inflation. the only thing that can help now is to bring back saving make the banks and their corporate friends pay to borrow money

1987 market crash on steroids.if you want to help this sector bring back the high streets with small business allow the shopper to park for free and do away shopping centers they are killing the markets and small business.

[cc2014] 25/10/2018 09:47

I have spent that last 30 years buying the dip and I have no regrets. It's changed my life in a way I could never of imagined. At the age of 51 I'm kind of retired now. If you can call sitting a good few hours a day at a screen retired. I don't consider it work that's for sure.

My average on this trade is 508p and I've had 26p dividends. Not the best trade but being down 10% whilst annoying isn't a problem. If you are going to buy dips it's rare to catch the bottom.


I don't believer success is about whether you buy the dips or the rise. I believe it's more about risk management as over an extended period of time even the best investor is going to get shat on from time to time from a great height.

[strathroyal] 25/10/2018 09:28

According to their October presentation, they have 5 Debenhams in their shopping centre portfolio, taking 805000 square feet of retail space.

[cc2014] 25/10/2018 09:02

I think what we are seeing is that the news was leaked a couple of days ago across the crystal wall when the price fell from 442 to 423, two days ago. What is transpiring is that it's all in the price now and the market is absorbing the bad news.

Unless there's something I've missed why else would the price be up 1.4% today on news of 50 DEB stores closing and whilst FTSE gapped down aggressively again this morning.

[robertball] 25/10/2018 08:31

What we might be witnessing is a concentration of offline shopping. The survivors being shopping centres and destination streets eg Princess Street Edinburgh. The losers being provincial towns and retail parks. Just a thought.

[hybrasil] 25/10/2018 08:05

See Debenhams trading statement.
110 of their 165 stores are over rented. I wonder how many belong to hmso?
A 35% fall in nav would not surprise me

[777mason] 23/10/2018 15:30

Whoosh. There’s the sound of the bullet whizzing past Hammerson shareholders’ heads. Well dodged.

The price, £2.9 billion compared with Intu’s £3.4 billion, which Hammerson agreed to seems ever more realistic today as Intu admits the value of its properties fell by 3% in the past quarter.

retailers say rental income will grow by just 0% to 0.5% in the coming year, and even then only if no more “material̶1; tenants like House of Fraser don't collapse.

big cat bounce over.

[hugepants] 23/10/2018 08:48

Getting hammered here. INTU reducing their NAV further by 3%.

[hugepants] 16/10/2018 14:43

perking up a bit here

[777mason] 16/10/2018 10:56

if Brexit does take place, I would not like to be invested in any of the EU countries, never mind the UK retail markets. ((cash will be king)). And maybe a re-vamp in the retail markets. But there will be a lower buying point for sure. But please don't hold your breath.

[robertball] 16/10/2018 08:30

Does this include those in France and Germany too??

[777mason] 15/10/2018 11:17

No deal Brexit probably inevitable (turbulence in the UK retail markets) I think it time to offload all of Hammerson's shares before they waste good money on starting developments in the pipeline