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HCFT Highcroft Investments Plc

587.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Highcroft Investments Plc LSE:HCFT London Ordinary Share GB0004254875 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 587.50 550.00 625.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 5.61M -7.12M -1.3667 -4.30 30.59M
Highcroft Investments Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker HCFT. The last closing price for Highcroft Investments was 587.50p. Over the last year, Highcroft Investments shares have traded in a share price range of 580.00p to 925.00p.

Highcroft Investments currently has 5,206,659 shares in issue. The market capitalisation of Highcroft Investments is £30.59 million. Highcroft Investments has a price to earnings ratio (PE ratio) of -4.30.

Highcroft Investments Share Discussion Threads

Showing 251 to 274 of 625 messages
Chat Pages: Latest  13  12  11  10  9  8  7  6  5  4  3  2  Older
DateSubjectAuthorDiscuss
24/5/2019
08:42
Hello anyone wandering over from Mucklow: decent place to keep up your income.
semper vigilans
22/5/2019
15:12
Very helpful information and I the feeling that we might see other acquisitions over the next six months.
I would like to buy a few more shares.

crumppot
22/5/2019
14:50
Will go back & have a look later...EDIT - ahh, see you've done it.

In the meantime, re yr 218 above, I look for a shareholder return from:

# NAV increase
# Dividend
# Narrowing discount

..though for this year wouldn't expect much, if at all, from the first.

skyship
22/5/2019
14:49
A quick look on HL suggests (AT):
4.51m
3.35m
2.91m
2.87m
7.06m

Not sure why the higher figure in 2014, guessing a disposal but revenue was only 3.08m so poss an accounting write-back. Otherwise, looks fairly smooth.

spectoacc
22/5/2019
13:25
Thanks @Sky. How would that table look with an earnings column btw?
spectoacc
22/5/2019
10:12
Interesting to note that EPIC who have a 72% exposure to Retail Warehouse reported a decline of just 1.5% in overall valuations from Sept'18-Mar'19

Also recommend listening to the in-house video "Why invest in Retail Warehouses?"

skyship
22/5/2019
09:37
I actually prefer the discount to stay wide and just track the NAV increase.
rcturner2
22/5/2019
09:35
Specto - see above re Investment portfolio. Also you use the word punting twice!

I suspect you are not inferring gambling tendencies, as I'm sure you would agree HCFT is actually a very conservatively run investment company.

What I find very interesting is to look at the HCFT valuation over recent years:


Finals Date...Yr Divi...NAV.....sp.....Yield%....Disc%

22/03/19...…...52.5p...1207p...925p.....5.7......23.4

24/03/18...…..46.25p...1161p...910p.....5.1......21.6

23/03/17......41.0p. ..1071p...910p.....4.5... ..15.0

26/03/16...…..38.8p....1026p...955p.....4.1....….6.9

27/03/15......36.0p.....923p...850p.....4.2......7.9

These bear stats show that HCFT is currently trading way below its
historic rating. View this:

Current Sp.....Yld%......Disc%
900p...……;……...5.83...….25.4

Projected Sp.....Yld%......Disc%
1000p...…̷0;……...5.25.....17.1
1050...……;……....5.00.....13.0

IMO these should be c1000p; so currently 10% under-valued

skyship
22/5/2019
09:23
Thanks Sky - I do need to keep up!
semper vigilans
22/5/2019
09:20
SV - this extract taken from the 22nd March Prelims shows that their small investment portfolio has been sold:

"At the year-end we held a cash balance of GBP5.2m, along with a liquid equity portfolio of GBP679,000 (sold post year-end for GBP724,000) and undrawn banking facilities of GBP10.6m."

skyship
22/5/2019
09:00
I think that they had to wind down equities to comply with REIT rules in an orderly fashion. Guessing, but perhaps the equity investments left might be those which might not have been performing so well and they are hoping for improvement before disposal.

Equity investments (or the larger holdings) are no longer broken down in the accounts as they used to be. Reports and accounts seem to have exploded in volume but mainly due to rigmarole - not HCFT’s fault, just complying with regs. I presume.

semper vigilans
22/5/2019
08:08
What was their occupancy like in the crash, and how many assets did they have? They only have 20 now, so perhaps explains their 100% occupancy going back to 2014 (not seen it further back).

Dropping retail exposure from 29% to 10% is great, but not sure I'd be punting retail warehouses (increased from 15% in 2013 to 33%). Much better than Dept Stores tho!

"The group carefully monitors its forecast cashflows and it had £670,000 of relatively liquid assets, in the form of listed equity investments, which it can draw on if necessary"

Any idea what these are? They lost £121k on them in 2018 (tho from a higher base. What isn't clear is whether they're punting other REITs).

spectoacc
22/5/2019
07:58
What remains remarkable about HCFT is their long-term dividend record:

# 20yr Growth: +10.9%pa

# 10yr Growth: +13.9%pa

Didn't even blink through the 2007/8 Crash...though the share price halved and took a full 5yrs to recover!

skyship
22/5/2019
07:47
NAV may stall, but not expecting further damage after they took the Retail hit in the 2018 figures. Also the quality sites and tenants obviates the need for further provision IMO.

Taken from p2 of the 2018 Annual Report:



Retail: The retail sector has had another poor year with low income returns and negative capital growth. Our strategy of reducing our exposure to the retail sector from 29% in 2013 to 10% has minimised our exposure to this weakness. Our remaining assets are in prime locations with good covenants

Retail warehouse: The retail warehouse sector performed poorly towards the end of 2018, yields softened resulting in a decline in values. Our exposure to this sector has increased from 15% in 2013 to 33% and we have benefited from historic good yields and from capital growth.

This extract from the Annual Report shows why the NAV increase in 2018 was slightly less than might have been the case; though overall, still an increase:

“The most significant loss was at our retail park in Wisbech, our largest asset, which showed a 13% decline in value due to a combination of declining market sentiment around certain retail warehouses and the effect of the Carpetright CVA. Our new asset at Rubery, acquired in July 2018 was valued at cost and therefore showed a loss on revaluation relating to the expenses of acquisition. Our Cardiff asset showed a 10% fall in valuation due to the short time to lease expiry. We also recorded three small falls on our Oxford High Street retail properties, reflecting the general market sentiment in the sector.”

skyship
22/5/2019
06:00
Researched this ages ago but didn't buy & can't entirely remember why! The constant 100% occupancy was both highly impressive but also a bit of a red flag - surely at some point they'll suffer a vacancy? Agree that "Retail warehouse" is still retail.
spectoacc
21/5/2019
17:22
Valuations have usually been conservative here so should not be so badly affected when or if the hit comes.
semper vigilans
21/5/2019
17:18
I guess the big unknown is whether they will need to write down the value of their retail warehouse properties - like Intu, Land Securities and British Land. Has anyone researched this?
kenny
21/5/2019
14:24
I think because the dividend was raised last time, the true yield here is not apparent to all, since it seems that many data sources do not update fast enough.
rcturner2
21/5/2019
14:00
RCT - welcome aboard. Annual Report makes a great read does it not...

redponza - Indeed, one of the best kept secrets.

eeza - agreed, not easy to trade, but then most of us wouldn't be looking to hold more than, say, 5000 shares, so not a real concern as they tend very much to be bought as an investment rather than a trade. Incidentally, they are usually much easier to trade and on a closer spread around the time of Results statements.

skyship
21/5/2019
13:46
Especially when you try to sell...
eeza
21/5/2019
13:41
The stock is really thinly traded...
Very very illiquid...

redponza
21/5/2019
08:29
Thanks for the heads up on this skyship, I bought in yesterday.
rcturner2
20/5/2019
12:54
BT - It was indeed. Need to buy another 1k; but will wait to see if a cheaper offer comes along sometime this week...
skyship
20/5/2019
11:33
Sky ...I take it that was your 1k buy on Friday
badtime
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