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
  -3.50 -1.11% 312.30 4,778,953 16:35:07
Bid Price Offer Price High Price Low Price Open Price
314.30 314.60 319.10 312.30 313.90
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 292.40 -266.70 -34.10 2,409
Last Trade Time Trade Type Trade Size Trade Price Currency
17:52:45 O 14,788 312.30 GBX

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Date Time Title Posts
11/10/201918:05HMSO Charts418
24/7/201803:29Hammerson (HMSO) One to Watch on Tuesday -
19/3/201809:14HMSO or INTU-
29/10/201707:57HMSO News and Charts35
03/10/201722:09The Hammerson Thread84

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Hammerson (HMSO) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-10-18 17:30:23312.3014,78846,182.92O
2019-10-18 17:29:33312.3035,602111,185.05O
2019-10-18 17:28:30312.304,56414,253.37O
2019-10-18 16:53:41312.3013,70042,785.10O
2019-10-18 16:53:19312.3012,32038,475.36O
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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 315.80p.
Hammerson Plc has a 4 week average price of 263.80p and a 12 week average price of 202.90p.
The 1 year high share price is 454.30p while the 1 year low share price is currently 202.90p.
There are currently 771,512,094 shares in issue and the average daily traded volume is 5,858,832 shares. The market capitalisation of Hammerson Plc is £2,409,432,269.56.
hugepants: I picked up some more today. Interesting that the Klepierre share price has recovered to just about where it was when they bid for HMSO. This from 13 months ago; "European shopping centre landlord Klépierre has bumped up the value of its potential new offer for UK mall owner Hammerson as it looks to wrestle the company from its deal with smaller rival Intu.Klépierre — which made a £5bn takeover approach last month — has increased the value of its offer to 635p a Hammerson share, to be paid half in new Klépierre shares and half in cash. Hammerson’s board, which swiftly rebuffed last month’s approach saying it “significantly” undervalued its portfolio, has also rejected the new terms and advised shareholders to take no action. David Tyler, Hammerson chairman, said: “The board has considered the revised proposal from Klépierre carefully. At 635p, it is only a 3 per cent increase on the previous proposal and continues very significantly to undervalue the company.”
777mason: Some share holder may suspect that the greed of managers who opt for share buybacks may also be motivated by boosting the value of the variable part of their remuneration package which often includes stock options and outright share allocations. The incentive of executives based on the share price is without a doubt behind this increase in share buybacks While most shareholders would welcome share buybacks - which can reach millions of pound per company – for my part I would call them a manifestation of short-term thinking by CEO. And I’ll tell you why share buybacks form my understanding are undermining a company's long-term strategy if this company has any. When a company buys its shares that is saying it doesn't have anything better to do with its cash, which is somewhat worrying for me and my investment perspective. We could then ask is there a problem with the retail sector?
hugepants: 8 months ago they turned down 635p a share offer from Klepierre. Current share price 351p. Not far off 50% below the offer price!
hugepants: "Klépierre — which made a £5bn takeover approach last month — has increased the value of its offer to 635p a Hammerson share, to be paid half in new Klépierre shares and half in cash. " I don't really understand why the HMSO share price has dropped back so much. The Klepierre share price is down about 10% since April but that still values the offer at about 600p per share, an offer which Hammerson described as "wholly inadequate".
trcml: "the share buy backs not seeming to do much for the share price.maybe wasting money?" IME, prop cos are generally more skilled at property than finance - even though successful investment in property is 50% finance. The only reason I can think of for HMSO embarking upon the buy-back every working day since 24 July, spending approximately £1M at a time, than choosing the moment and saving money by buying back on the dips, is that there would not be enough sellers at lower prices to satisfy HMSO's demand. As for not doing much for the share price, the buy-backs total to yesterday will as a result of the number of share cancelled reduce the money due in dividends. --- I don't think today's 5% fall in share price was entirely xd-caused. I think the market has woken up to the decoupling of rental and capital growth that has been prevalent for many years as a consequence of yield-compression. A shift in thinking whither growth is now adversely affecting investment yields as well.
cc2014: The move in INTU share price today suggests the deal will go through else the INTU share price would be floundering now. Peel took this line about a month ago and continue to stick to it. I'm not sure the market view is as negative as Peel suggest either. HMSO share price before the announcement was 545p. Now 470p but 20p dividend paid. Overlaying the performance of LAND shows the sector overall has fallen. Klepierre down about 10% this year too. GLA
cc2014: I'm guessing INTU rising is simply to do with the maths. If K doesn't go ahead, HMSO share price will fall to say 480p. 0.475x480 = 228p for INTU. HMSO would have to fall to 442p to give INTU a share price of 210p which is where it is now (ignoring dividends). So, INTU looks value on this measure. If K really wants this it will have to bid for both HMSO and INTU. I don't know if they have the capital to do that (or the desire). I'm kind of in agreement. what the market is saying is we're not interested at 635p. If you come back at 700-750p we might think about it.
cc2014: ok, i really don't know what to do now. The share price is falling driven by a sell program. The same style of program is running in the buy direction on INTU. It's almost as if someone is reversing what they did yesterday. I'm looking at things this way. HMSO - possible bid at 613. Not sure why we wouldn't get one. It's alot higher than the existing share price and Klepierre would likely have some extra ammo and be prepared to go to 650. Potential gain say 60p. If bid does not happen HMSO was 437 before so would likely fall back but perhaps not as far as 437 as the market now recognises some possible bid premia. Say it would fall back to 460. Potential loss 90p. INTU was 204 before the bid. If the bid fails and HMSO goes to 460, INTU would likely be 215 based on 0.475 HMSO for each INTU at 460. INTU currently at 210 So, INTU at least seems unlikely to fall further unless vote goes against merger which is unlikely. So, I have decided to hold both trades. If either of them pop up a decent amount though I'm going to sell half which is kind of a cop-out but I would feel easier in my own mind
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.
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.
Hammerson share price data is direct from the London Stock Exchange
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