Hammerson Share Discussion Threads

[trcml] 30/9/2019 17:42

Stake building? APG Asset Management N.V. As at 27 Sep 2019
12.4427%; at 25 sep 11.3005%

[propinv] 26/9/2019 14:44

Elliot wave? Do you have a chart please. I'm interested.

[777mason] 26/9/2019 14:35

Just my own chart prediction.

[propinv] 26/9/2019 09:58

Mason. 180p. Where do you get that from. It has been my long term target for a while as posted here, albeit I bought in at 207p

[777mason] 26/9/2019 09:31

i think we have room for drop movment two £180 before we see a rise.

[robertball] 26/9/2019 02:08

Last man standing survivor???

[hpcg] 11/9/2019 16:34

I have no interest in INTU - I was short but now cautious as to events. I don't see how equity goes up without a further financial contribution, but there are 3 large holders most likely saying no. So also difficult to see a take over for the same reasons. Being short at the bottom is a road to ruin even if the road ultimately leads to a much lower equity value. So here I am, at the second worst!

[propinv] 11/9/2019 16:13

Good move hpcg. Hopefully you saw my post 387 on the day I bought in too. Good luck with this and Intu

[hpcg] 11/9/2019 13:29

PropInv - my first look at this board, a very good call from you on 30 May, post 353 with the 180p technical target. To answer your question a bit, I did buy in today, knowing much less than you do, because of the reversal. So don't rule out a good bit of momentum buying and bottom fishing.

In part I am here because of INTU. That is the worst case large prop co on the LSE. Possibly it survives without too much more damage to equity. If that is the case then prospects across the remainder look much better.

[robertball] 11/9/2019 08:43

Talk of sale of bicester

[hugepants] 10/9/2019 11:48

Going like the clappers here

[propinv] 10/9/2019 11:45

Something bubbling here. This isn't just buying oversold stock. Someone knows something that we don't.

[nickrl] 06/9/2019 10:12

Presumably the pick up is due to HMSO exploring the sale of its holding in Value Retail (Bicester Village Shopping Outlet)for upto 1.9B which will allow a big debt reduction and maybe capital return?

hxxps://www.bisnow.com/london/news/retail/19b-stake-in-one-of-the-worlds-most-successful-retail-property-companies-for-sale-100656?utm_source=outbound_pub_16&utm_campaign=outbound_issue_31909&utm_content=outbound_link_2&utm_medium=email

[propinv] 05/9/2019 14:52

People who are shorting Intu are buying this as hedge

[robizm] 05/9/2019 13:56

Would have preferred they cancel dividend and pay down debt as things could get rough

[hugepants] 05/9/2019 13:25

Quite a comeback from the near 200p low point.

[zccax77] 17/8/2019 18:20

HMSO have a lot of options, can sell European assets and clear all debt. They are in a better place than INTU.

[m_kerr] 14/8/2019 23:13

i wonder how elliott advisors are feeling, sitting on a paper loss of over 50%! the agreement not to increase their interest was entered into in feb 2019, for a maximum of 12 months.

[hugepants] 12/8/2019 22:45

I'm not confident the new logo is going to make much difference.

[propinv] 12/8/2019 22:34

They have a new logo. Give the credit for that, at least. Anyway. Despite all the things you say it's within a whisker of my long term target of £1.80

[hugepants] 12/8/2019 22:32

I cant think of anything this lot have done right.

They turned down a 625p offer for the company.
They tried to buy INTU (INTU shares have since collapsed to 34p!)
They spent huge amounts on a share buyback program at approx 350p , then cancelled it half way through.

They are now refusing to reduce/cancel the dividend. Surely that would be prudent? Look whats happened to INTU

[trcml] 08/8/2019 16:23

I wouldn't have thought actual transactions are needed. I would guess the valuers contact likely buyers to ask whether the buyer would pay x GBP if the centre were for sale at that price.

[trcml] 08/8/2019 16:18

I was wondering whether someone would put HMSO out of its misery. Until I realised that the directors and senior managers aren't miserable, overpaid as they are!. it's only the shareholders that are suffering and only those that bought when the share price was higher.

Some good new lettings on Hammerson's news. The retail market could do with a clear-out of past-it retailers.

What with Intu's share price falling, it can't be long now, surely, before HMSO buys some of Intu's prime centres.

[m_kerr] 02/8/2019 18:26

you make a good point, TRCML, but they haven't managed to sell much this year. so far this financial year they have only sold the 'crown jewels', not the rest of the retail park dross (well, only £22m, and that was in luton). the market was hoping the disposals target of £500m would be made up of mainly UK based, lower quality assets. and there is some dross in the portfolio, tired retail parks in economically depressed areas like merthyr. so 'the market' is being ultra cautious on valuations, until there are some more transactions to benchmark against. the higher quality element of the portfolio is still not what you'd call lowly valued - the UK flagships are valued at a 5.2% NIY.

[trcml] 02/8/2019 09:51

The challenge for HMSO (Intu and other quoted prop cos with retail property) is how to value the assets when tenants are wanting short leases (or longer with 3, 4 or 5 year breaks). Valuers are notoriously conservative: they much prefer the security/certainty from longer leases (even though the certainty might be wishful thinking if the tenant goes bust). As the quality of tenant covenant affects yield, the question is whether there should be any difference between a letting for 3 years to an unknown and a letting for 3 years to a known. It has long been considered that the stock market doesn't understand property companies - and vice versa! - which is part of the reason for the share price fall. How can it make sense forNAV to be £6+ when there are few buyers for shopping centre investments? The short answer is that the market has dried up because most shopping centre investments are not worth buying unless offering a very high yield to offset the lack of growth prospects. Unlike HMSO's centres which would be in demand were they for sale. HMSO are not selling their best stuff; by implication the disposal programme is only stuff that is probably ex-growth, which s why the prices are below book value. Shareholders are assuming that would be true for all the assets even though that does not make sense.