Hammerson Share Discussion Threads

[m_kerr] 01/8/2019 17:35

river man - of course, the bonds aren't exposed to the capital values, but still, it's fair to say the shares have fallen at least in part because of falling rents, and expectation of further rent decreases, and by extension the ability to keep funding a dividend at the level it is now. however, bond investors have only marked the bonds down by 4% in the last year, suggesting they are still confident their bonds will be paid.

[propinv] 01/8/2019 12:18

I've seen enough. Bought in. Still have a target of 180p, but that's a technical one. Fundamentals enough for me at this price. Good luck all.

[andyj] 01/8/2019 08:57

I think it has gone too far. Historically since 1990 the 200 level has been breached once and has proven a good time to buy. I am back in again.

[riverman77] 31/7/2019 19:46

I don't know the details of the bonds but they're probably well secured against the assets and of course have priority over the equity holders so much lower risk.

Surely this has to attract a bid from private equity at these levels - 70% discount to nav and some very high quality assets.

[m_kerr] 31/7/2019 18:51

why have the bonds not collapsed in price like the shares? you'd of course expect lower volatility given that they are not exposed to asset price rises / falls, but the difference in yields is massive, something like 6.5% difference, with the shares now yielding over 12%. the difference in january was about 1.1%.

[essentialinvestor] 31/7/2019 18:49

Need to keep in mind this is a geared play on NAV with current LTV near 40%.

Having said that, the rapidity of the fall resembles the financial crisis,
it's extraordinary. Luck to those holding.

[bolador] 31/7/2019 18:27

Big raid on all major props today. Hammerson figures showed nav of 680p !

[manrobert] 31/7/2019 16:36

maybe atkins will pay the difference.

[hugepants] 31/7/2019 15:33

They should phone up klepierre and accept the 630p offer after all. Reluctantly of course.

[propinv] 31/7/2019 14:41

My long term target of 180p on the horizon

[essentialinvestor] 31/7/2019 12:29

Quite possibly.

[vatkins] 30/7/2019 18:07

haha i bought some (more), must be mad

[hugepants] 30/7/2019 14:07

This is appalling. Were the results this bad.

[zccax77] 29/7/2019 17:21

Absolutely brutal. Bet kleppiere are glad

[hugepants] 29/7/2019 16:13

Tanking. Down 5%, It may have been prudent to cut the dividend. The yield is now 10%.

[zccax77] 29/7/2019 10:31

Their uk assets down 10-15% in 6 months. They should have voted against green in the cva.

[robertball] 29/7/2019 08:14

Looks like it's priced in...hold tight...

[buywell3] 29/7/2019 07:20

Nothing good in todays RNS's IMO

Selling assets to pay down debt has not been very successful

Selling more will get harder in todays markets

Losses IMO look set to rise

Will the company try to sell themselves outright ?

A Dividend should IMO not have been paid as gearing has gone up and losses per share are big, the chart says it all AVOID

[m_kerr] 26/7/2019 21:50

there's a constant stream of negative news regarding retail. hammerson are offering on average 6 months rent free to get units let, so the bear case is that even if headline rents aren't that far off current levels, in effect they are way, way lower because of the rent free periods being offered across the board.

we are almost in august, and AFAIK only one retail park has been sold. one of the lowest value ones, in a decent area. buyers of real estate assets want to buy in at very low valuations, so who knows what they'll get for the rest. the good news is that all the bad news is reflected in a roughly 62% discount to NAV, pricing in roughly a 35% fall in asset value.

the market has changed for the worse since klepierre made their offer.

[zccax77] 22/7/2019 13:36

Hmso have some of the best sites. Not sure why this keeps on falling. When will kleppiere bid again. Must be pretty tempting

[m_kerr] 21/7/2019 21:44

saw in the small print somewhere that the average rent free period they offered in 2018 was 6 months, average lease length 11 years, so although rents were 5% above previous passing, the rent free period reduces the headline rent by 4.5% over the 11 years. however, some of the occupiers will go bust before the lease expires. balance of power is clearly with tenants, they are offering these incentives even though retailers 'need' to be in hammerson's centres.

[propinv] 25/6/2019 07:35

Savills - with the All UK retail forecast from RealFor suggesting that positive rental growth will not return to the market until 2022.

[zccax77] 24/6/2019 20:13

Which one croydon

[mountpleasant] 24/6/2019 19:21

They have one capital programme thats going to cost 500M to complete.
Planning permission due to be given shortly.

[zccax77] 24/6/2019 17:12

60% reductions = Those PE houses are in trouble. Unless you are in Super-prime you are in trouble.