Hammerson Share Discussion Threads

[researchcentre123] 14/5/2020 12:11

Mason am not sure what you mean by net debt? They have net assets not net debt

[777mason] 14/5/2020 12:07

Total net Debt £2,938.20m Enterprise Value £3,036.45m.

[researchcentre123] 14/5/2020 12:01

Yes pple are scared they will breach their loan covenants. Have a look at my post yesterday why I don't think it's a problem

[777mason] 14/5/2020 11:43

Farrugia

Hammerson: 2,524 million debt on my records - £339.54m valuation

Can you explane that?

[researchcentre123] 14/5/2020 11:42

The assets are 7.3bn. Real estate valuation is not just dependent on income - it takes into account the buildings themselves otherwise there wld be no value at all every time a tenant moved out. So net asset value even allowing for some drop is huge. The discount is purely because of cashflow issues and everyone running scared but the land and buildings will still be there in 5 years which is more than I can say for many of the companies on the ftse

[williamcooper104] 14/5/2020 11:37

Need to count all the asset level debt In theory it ought to be salvageable in some form It's not intu First start has to be a clean sweep of management

[williamcooper104] 14/5/2020 11:35

It really isn't - or rather often isn't Take Bicester - the alternative use value is no more than 5 percent of its current use value

[williamcooper104] 14/5/2020 11:31

The £2bn will have been of a 3 cap with v v high assumed rents The rents are turnover with a base minimum rent The £2bn will have been assuming peak trading for all tenants So no way it's worth £2bn now

[farrugia] 14/5/2020 11:27

Hammerson: 2,524 million debt on my records - £339.54m valuation

is it salvageable?

[researchcentre123] 14/5/2020 11:25

So blackrock are selling shares and buying cfds? Am I right saying saying they are going long thru cfds?

[s34icknote] 14/5/2020 11:22

Light house increase again .Sicknote

[researchcentre123] 14/5/2020 11:19

Personally I don't look at this as buying shops but buying real estate cheap. The beauty of real estate is you can change it - retail becomes residential or leisure for example. The value of property is mainly in the land these days which is why you will level a 20 storey building if you can build a 40 storey one very often. I see at this share price just a way of buying property very cheap - it's then just a question of what you do with it. I can't help thinking that lighthouse must be thinking much the same

[sr2day] 14/5/2020 10:58

come this Xmas virus will have gone and so would have Trump.

[777mason] 14/5/2020 10:23

I would have to agree with Salpara111 It is definitely, a different world we will be living in, changing shopping habits will be only one of many foods, restaurants, and distancing will all have an effect on shopping centers/malls. So the last peace on the chessboard the king, Brent Cross. will feel the pain.

[nickrl] 14/5/2020 10:21

Value Retail relies upon people with too much money in there pockets to buy over priced brands produced by underpaid workers. People with money just lost most of that disposable income and there is backlash against exploiting people so squeezing this market out of the West i would suggest. That's not to say the likes of Bicester can't be transformed to something else but HMSO central theme is destination shopping which is now so yesterday.

Only food, health products and essentials has any future in retail the rest of it is marginalised whatever the location with the current cost structure. Propcos that just accept that the landscape has fundamentally shifted and get on the front foot might be able to salvage something but ultimately until social distancing disappears destination shopping is a dead duck. The nail in the coffin will be if govt rolls over the inability of landlords to act against tenants at the end of June.

[riostroy] 14/5/2020 08:06

Where is a help of government - they are too slow

[researchcentre123] 14/5/2020 08:03

Mohntpleasant, I think future capex is not something to worry about now. When things make sense finance tends to materialise. The next 6 months are about survival, after that can worry about capex etc

[flyfisher] 14/5/2020 07:48

The tightest covenants are within the joint venture holdings, value retail and via outlets.
Jpm and Lazard were appointed last autumn to sell value retail, at the time it was valued at 2.0bn.
This seems to be the key transaction for hmso.

[riostroy] 14/5/2020 07:38

Fuxking hell - all world is in panic - FTSE is down - expect another crash today - fuxking hell!!!!

[sr2day] 14/5/2020 07:08

lighthouse capital and other companies in the same group has got over 10% now.

[mountpleasant] 14/5/2020 05:46

What about future capital investment projects?
City Quarters - thats going to need big money.

[researchcentre123] 13/5/2020 20:55

(what I mean is financial issues are over so hopefully then shares will move towards asset value as there are no banking issues to worry about)

[researchcentre123] 13/5/2020 18:55

I guess the question is if you doubled your investment, what would be the effect on share price both short term and long term. If you buy at 45*2=90 you have a shareholding with assets of 600 (let's round it down to 450) so 500% cover. If that rounds to a more reasonable 200% cover then you have a share price of 112 which I wouldn't be unhappy with....