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 Shares Traded Last Trade
  0.00 0.0% 715.00 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
680.00 750.00 715.00 700.00 715.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 3.89 22.30 32.1 37
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 715.00 GBX

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Date Time Title Posts
22/6/202013:45REIT success321
15/3/201213:20REIT failure39

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Highcroft Investments Daily Update: Highcroft Investments Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker HCFT. The last closing price for Highcroft Investments was 715p.
Highcroft Investments Plc has a 4 week average price of 690p and a 12 week average price of 615p.
The 1 year high share price is 950p while the 1 year low share price is currently 610p.
There are currently 5,175,175 shares in issue and the average daily traded volume is 306 shares. The market capitalisation of Highcroft Investments Plc is £37,002,501.25.
stemis: Well results now out. Not really sure what to make of them. NAV - 1175p a small decrease (compared to share price of 690p). Not sure whether the valuation at 31.12.19 reflects the events of the last 4 months though... Dividend - cut to 27p to conserve cash. Although I can understand why they did this it's hard to see how the dividend for the year (48p) meets the 90% rule. Dividend payout is £2.48m, profit before revaluation loss is £4.042m. Yield at current price is 7%. Decent but not notable amongst those of other propcos. Outlook - not much at all other than challenging and some tenants will struggle to pay rents. No s*h*i*t. It would be nice to know how they are doing on collecting q1 rents but nothing. It'll be interesting to see how directors' bonuses fare considering they've cut the dividend and suffered a write down on their properties. No clues in the statement though. As to director share buying, I wouldn't hold your breath. Apart from Kingerlee, only one of the other four directors has any shares in the company, and it's not the CEO (it's the FD with £41k's worth).
skyship: Another acquisition:
stemis: Sorry, a bit late to this Missed that £4.9m purchase of the Nuffield Health Fitness & Wellbeing Gym in the Broadway Plaza, Birmingham. 7% yield. Doesn't exactly shoot the lights out though, as what chance of asset management gains. That's higher than the yield on our current portfolio which is about 6.4%. However since at 950p, the share price is an 18% discount to NAV, the effective yield to shareholders is about 8.5%.
skyship: A £4.2m acquisition providing an initial 11.2% yield. Looks to be a good deal:
topvest: Excellent. Chart looks nice here. Nice steady income and capital growth - share price starting to show that investors now like this company.
mtioc: This post follows the recent announcements and the interim results. 1. Sale of SW1 Property The sale price was of £4.9m was £1.5m (44%) above the 31 Dec valuation and £0.6m (13%) above the 2006 purchase price. While there may have been exceptional factors (London, redevelopment opportunities etc..) the level of uplift suggests conservatism in the property valuations. This property accounted for 11% of the total property valuation at Dec 2012, so the sale and reinvestment should increase diversification. Property specific factors aside, the bet appears to be that London office yields have stayed relatively low and in the current market there is better value elsewhere. 2. Purchase of Bedford Industrial Property The purchase appears to lock in an 8.1% yield for at least 14 years to a reasonable covenant (Booker) for what appears to be a cash and carry (which while not open to the public does not appear to be trade only either). This, together with the purchase of the industrial property in Andover (in November 2011), suggests the board are looking to industrial property in the SE with decent yields in preference to: office (portfolio still has quite a bit), retail (structural change in market and again quite a bit in the portfolio) and further north (different dynamics and outside board's area of expertise). I am not a property expert, but this seems pretty sensible. Does anyone know the long term average (real) yields on London office vs ex London light industrial? The challenge appears to be acquiring properties with current cash and equities let alone borrowing (at c. 3% fixed for 7-8% inflation linked). 3. Interims The interims were pretty self-explanatory. Revenues up a bit, costs down and profits up. Administrative costs are remarkably low compared to similar operations. 4. Valuation The market cap is £29.7m. I calculate an NAV of £38.3m. The main assets comprise £5m cash [Dec 11 cash, plus Victoria proceeds less Midlands purchase], £5.6m equities (Dec 2011, little change in FTSE) and £29.2m property [Dec2011 value less Victoria plus Midlands]. There appears to be net working capital of c. -£1.5m. Assuming the cash and equities should not trade at a discount, this implies a property valuation of £19m versus a balance sheet value of £29m or a discount of 30%. As discussed in para 1 above, I think the property values are bit conservative, but not as conservative as the SW1 transaction may suggest. A 10% uplift in property value, increases the property valuation to £32m and implied property discount to 40%. A 20% discount to my property valuation (i.e. Dec 2011 adjusted for transactions and +10%), with cash and equities at par, suggests a market cap of £33m or a share price of £6.40/6.50 (vs £5.75 mid or £6.0 offer). The investment thesis outlined in this thread and elsewhere appears to still hold. Highcroft is a conservatively run group that targets attractive yields with a minimum of risk, with an ungeared and well diversified property portfolio with low management costs (that is an effective partnership with the Kingerlee family). The high-ish yield and REIT status has significant tax advantages within a SIPP. The wide bid/offer spread and low volumes seem to deter both short term traders and market commentators. All this seems to work very well for the (smaller) long term SIPP investor. At the current price, there still seems to be some "margin of safety", but recent share price increases have reduced it. I remain a long term holder and may buy more if the price fell back or spread narrowed. MTIOC
mtioc: Losos: Not sure about non residents. I hold mine in a SIPP, which combined with the REIT status is quite tax efficient. SV and TV: Interesting RNS pre-Xmas. Conns have added 20k shares to their c. 1m since Dec 10 accounts. I am sure they are playing a very long stake building game, so it does not change much. However, it does give some comfort that this will be more liquid than most closely held small companies (i.e. there is a ready buyer) and there is significant support at the current share price).
semper vigilans: Agree with you Topfest - there should be more showing in the share price to reflect 'old-fashioned' sensible, financial control! Now , an interest rate hike would help the cash pile to become more productive...........
Highcroft Investments share price data is direct from the London Stock Exchange
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