Share Name Share Symbol Market Type Share ISIN Share Description
Hammerson Plc LSE:HMSO London Ordinary Share GB0004065016 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  +105.30p +24.09% 542.40p 54,775,275 16:35:08
Bid Price Offer Price High Price Low Price Open Price
541.80p 542.20p 560.00p 538.20p 560.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 248.9 413.4 49.0 11.1 4,307.85

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Date Time Title Posts
19/3/201814:11HMSO Charts126
19/3/201809:14HMSO or INTU-
29/10/201707:57HMSO News and Charts35
03/10/201721:09The Hammerson Thread84
20/6/200710:36Hammerson - Let's Get Real13

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Hammerson (HMSO) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-03-19 17:13:45554.05167,465927,841.72O
2018-03-19 17:13:45538.9125,541137,643.98O
2018-03-19 17:07:43545.881,0985,993.76O
2018-03-19 16:56:04546.58855,0004,673,259.00O
2018-03-19 16:53:35542.404,69725,476.53O
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Hammerson (HMSO) Top Chat Posts

Hammerson Daily Update: Hammerson Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker HMSO. The last closing price for Hammerson was 437.10p.
Hammerson Plc has a 4 week average price of 430.40p and a 12 week average price of 430.40p.
The 1 year high share price is 614.50p while the 1 year low share price is currently 430.40p.
There are currently 794,219,664 shares in issue and the average daily traded volume is 9,425,927 shares. The market capitalisation of Hammerson Plc is £4,307,847,457.54.
cc2014: I think this highlights the disconnect between the city boy valuations and real valuation. Whilst Klepierre is no doubt taking advantage of a low share price, I believe it will provide a re-rating to the whole sector. One would assume as is usual with these things the first offer is not the best offer although I think if they offered 615 and took INTU as well it would go through. Much to think about. I have both HMSO and INTU although about 4 times as much INTU.
roulettewheel: INTU at Price to Book (about) 0.54 now versus HMSO Price to Book (about) 0.74, HMSO and both in play, not sure why INTU share price being ignored in this
hugepants: I'm not understanding why shareholders would vote through the INTU acquisition when the share price has dropped about 20% since it was announced.
777mason: Shopping center giant Hammerson slumped to the bottom of the FTSE 100 leaderboard after City analysts warned that it could face shareholder mutiny at a vote next month over its swoop for Intu Properties. The Birmingham Bullring owner’s £3.4bn deal for Intu’s “mixed bag of capital-intensive in-town centers” raised eyebrows in December and Credit Suisse analysts warned in a downgrade of both companies that the UK sector is likely to come under increasing pressure. The retail sector has suffered as shoppers have shunned the high street amid rising prices. Even with inflation set to cool, the accelerating shift from bricks to clicks as consumers shop online will ramp up the pressure on shopping center owners. Intu shareholders have already given the takeover the green light but Hammerson’s backers will vote over the all-share tie-up next month. There is a “limited attraction” for Hammerson shareholders increasing their exposure to the struggling UK market but, while some investors will likely vote against the takeover, it should gather enough votes for approval, Credit Suisse told clients. Hammerson’s 19pc share price plunge since unveiling the deal has seen it stripped of its blue-chip status and the company will join Intu in the FTSE 250 from Monday. Mounting doubts over the impending tie-up pushed Hammerson down 22.2p, or 4.9pc, to 434.4p, a six-year low, while Intu slipped 5.6p to 206.8p.
trcml: "TRCML this one is just for you please let me know what your thinking? House of Fraser has asked landlords to cut its rent bill. Others may follow. There is no reason to think Hammerson’s enlarged portfolio will offer any shelter from these trends. It has rejigged existing centres to reduce reliance on fashion but the sector still accounts for one-third of the total. If Hammerson cannot raise rents, its 5.5 per cent dividend yield will be unsustainable. Running fast to stay still is not ideal motivation for a deal. The shares are off 13 per cent since it was revealed. This raises the question of property valuation. Shares trade 40 per cent below the value of Hammerson’s property, which gained £1.9bn in a revaluation that helped raise pre-tax profits 28 per cent, in spite of the squeeze on rents. Stock markets and valuers cannot both be right." "House of Fraser has asked landlords“ isn't the same as saying its landlords have agreed to cut HoF rent bill. Some landlords might, others might not. HoF isn't likely to update how many have and is probably prevented under non-disclosure agreements. "Others may follow" - same principle. As for trend, only amongst those retailers that are floundering. It is true that many multiple retailers are pruning under-performing branches, but the cost of extrication doesn't come cheap; often it's less expensive to hang on until the end of the lease. As for landlords being accommodating, that depends upon whether the landlord can afford to or would prefer to let the premise to more progressive retailers of which there there is no shortage in the market. Most quoted propco share prices are currently at a discount to last reported NAV. And so the share price should be. Presupposing recent valuation, share price on a par or at a premium is an aberration - a warning bell to sell while the going is good. On a par or at a premium reflects demand vs supply for the shares. The commercial property investment market is dynamic, and valuation doesn’t always keep up with the direction the market is taking. Quarterly, half-yearly or annual revaluation depends upon the date of the valuation. The valuation date and mood of the market are not necessarily connected. The traditional link between rental value and capital value decoupled a few years ago. Low interest rates and stock market volatility makes commercial property investment continue to feel like a safe haven. Amongst professional investors, of for example HMSO’s experience, the obvious mistakes (over-exuberance caused by absence of judicious choice) can be avoided because as well as deep understanding of how the property system works the prop cos relationship with its retailer customers is more akin to a partnership. NAV is an informed opinion of the value of the property at a specified date. The opinion is allowed a margin/bracket of error, but that’s not the same as thinking post-valuation-date events. A post-valuation-date event is not known about at the valuation date. The stock market is allowed to think ahead, regardless of what is known at the valuation date. Stock markets have every right to be cautious. It doesn’t make sense for NAV to be rise when hardly a day goes by without news of another well-known retailer in trouble. But while some retailers in difficulty is likely to lead to all manner of superficial comments about the future for bricks-and-mortar retailers, an in-depth understanding of the forces at work would know that is what is happening is as it should be - as I predicted many years ago in my newsletters for my clients and contacts. So provided things carry on as they are, the future for HMSO is very bright and will as time passes unfold in the form of rising dividends and gradually in turn rising share price.
cc2014: I am tired 777mason. When you started posting I found your posts quite informative. They were quite helpful to me to challenge my assumptions. Now I'm no longer paying any attention as your posts seem designed to paint only a one way picture and your logic is a little stretched. Some of it kind of goes like this: My birthday is on Tuesday April 25th this year. There are 365 days in a year so next year my birthday will be on a Wednesday and the year after on a Thursday. So, therefore in 40 years my birthday will be in June. We all know House of Frazer is stuffed. It's been in the knackers yard for years. They haven't invested in their retail offering and try to charge a premium when it's no longer justified by the product offering. The floor space will gradually go and be replaced by something else. I think this is already in the share price. Further I think the share price is over-reacting like it always does. However, the over-reaction may not have finished yet. Why don't we talk about the likely synergies between HMSO and INTU and how that might improve margins - starting with INTU average interest rate on it's debt and how that will fall as part of the larger group?
cc2014: I am a little surprised. The results looked good to me and the fact that the share price hasn't risen suggests the market was expecting what it got. All of which leads me to wonder what will shift the share price. The dividend rises to 5.4% now, which seems decent enough. I'm happy to hold if a little frustrated
777mason: Hammerson is set to crash out of the FTSE 100 after doubling down on its exposure to struggling shopping centres by snapping up its rival Intu Properties. Its 14pc share price slide since announcing the £3.4bn deal leaves it perilously close to the FTSE 100 trapdoor ahead of a quarterly reshuffle in just over a week. The Birmingham Bullring owner raised eyebrows in December by swooping for Intu amid concerns that UK shopping centres are in a state of terminal decline as consumers switch to online retailers. Analysts also fear that the merger will dilute Hammerson’s higher-quality portfolio and ramp up its exposure to the inflation-squeezed UK shopper. The tie-up is a “marriage of convenience” and Hammerson’s shareholders will feel aggrieved by the deal watering down their exposure to the company’s “‘crown jewels’ of premium outlets”, Peel Hunt warned ahead of its completion.
trcml: What's going on? sp: Goldman S upped price target for the benefit of HMSO, The share price responded accordingly. Peel Hunt cut to £5.25 (and Jefferies International reiterate at £4.40) for the benefit of the market. Combined with popular media talk of dismal trading during the Christmas period for some middle-of-the road retailers has led the market to think the worst. I should think that with results due next month, share price is likely to go up a bit but probably not as high as soon after GS's tip. Merits: speaking as someone involved with retail property, I reckon Intu will prove to be a bargain for HMSO and that will emerge once HMSO have overhauled Intu offering. I browsed Intu website for a minute or so and concluded its presentation is very ordinary. (I have another reason for saying that, which I cannot disclose.) HMSO's presentation is much more professional and inspiring: hardly surprising, HAMSO has said it doesn't do averages. As for the share price medium term I don't think it'll perform as well as I was hoping when I bought again late Nov 2017 at just under £5. I should've taken my profit before the Peel Hunt cut. I think there is too much bad news concerning the plight and woes of some larger retailers (outmoded business models) for the average investor (including funds) to realise that of the retailers that are falling by the wayside none of that matters in the scheme of things. Another difficulty is that capital values are already benefitting from yield compression which means there isn't much more growth for valuers to squeeze out. As for rental income, there is growth to be had but whether HMSO can improve on existing revenue enough to make an appreciable different to move the share price beyond about £5.50? On balance I consider HMSO a secure income stock, yield circa 4.75% is attractive.
cc2014: Carlson keep increasing their short and are pushing quite a lot of volume through. It appears they are trying to arbitrage on INTU as they buy an equivalent value each day. You can see the trades going through all day, which is what I think keeps driving the share price down. Carlson don't care what price they sell at as long as they can arbitrage and the market can't absorb what they are selling. If you run the numbers it's 0.475 INTU shares for every HMSO So, with HMSO at 500p, INTU should be 237.5p, but it isn't it 530p, so a 1.5% gap to arbitrage. The gap has been like this for some time. It was 10p about a month ago. However, my calculations don't take account dividends so that may explain the difference. I think Carlson are playing a very dangerous game. If there is another bid for INTU, INTU's price will go up but HMSO's could do anything as if the merger decouples so will the arbitrage trade.
Hammerson share price data is direct from the London Stock Exchange
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