Share Name Share Symbol Market Type Share ISIN Share Description
Intu Properties LSE:INTU London Ordinary Share GB0006834344 ORD 50P
  Price Change % Change Share Price Shares Traded Last Trade
  +22.30p +12.55% 200.00p 17,954,679 16:35:23
Bid Price Offer Price High Price Low Price Open Price
199.60p 199.85p 203.90p 196.00p 200.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 616.00 227.20 16.10 12.4 2,711.3

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Date Time Title Posts
19/10/201810:22Intu Properties PLC521

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Intu Properties (INTU) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-10-19 15:58:22199.6767,500134,775.00O
2018-10-19 15:53:08200.0019,68339,366.00O
2018-10-19 15:52:08196.5310,00019,652.50O
2018-10-19 15:51:13202.607,91816,042.14O
2018-10-19 15:51:12202.0035,39971,505.98O
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Intu Properties Daily Update: Intu Properties is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker INTU. The last closing price for Intu Properties was 177.70p.
Intu Properties has a 4 week average price of 148.55p and a 12 week average price of 147.85p.
The 1 year high share price is 256.60p while the 1 year low share price is currently 147.85p.
There are currently 1,355,670,243 shares in issue and the average daily traded volume is 4,956,270 shares. The market capitalisation of Intu Properties is £2,711,340,486.
yump: The only reason that there would be an offer is if the consortium thought that there was plenty of upside from here, which is a share price resulting from various (some dire) brokers and analysts comments, which have, as far as I have seen taken no notice of the actual results, the actual dividend, the actual cash flow or the prospects and have concentrated on the NAV based valuations. So if there was already an interest some time ago, in making an offer if the price got low enough, the analysts and brokers comments have helped significantly to get the price down.
yump: I suppose if the view of INTU is taken from a property point of view, then valuations will be the main criteria, as discounts to NAV often seem to be THE measure. Presumably the endless online argument assumes that it represents a long term structural change, which will not stop or bottom out. However, certainly in terms of share price, it would be unusual for gloom and fear not to be overdone, as with over-optimism. Is the current share price already assuming a revaluation ? I note that BOWL seems pretty resilient. If INTU are 'converting' gradually into mixed centres, as they say, then I would imagine the main risk from here is one of a consumer slump - for instance if a load of prices rise with a no-deal Brexit.
cc2014: It will be interesting to see how the share price reacts this morning. The write down of assets some would argue is well overdue and indicates management aren't sticking their heads in the sand any longer. The underlying position is better than I expected although. The guidance on LFL rent increase at the lower end of the range is no surprise although how much is already in the price is hard to tell. All of it? Most stocks are getting punished on any bad news but the share price is so low already and much of the bad news was already known. Happy to hold and collect the dividend.
kev0856153: Yet another positive update so I've doubled my holding at 190p. The market hates this share even though it yields over 7% and the net asset value is more than twice the share price. Even todays statement about positive lettings momentum continuing has knocked even more off the share price.
cc2014: It's factual that the INTU portfolio could be improved. It's also true that HMSO management would do a better job with INTU than the INTU management have. Their track record speaks for that. But these are opportunities that are being worked on, that will enhance earnings over time at minimal capital cost. I'm still not sure why the city hated the deal other than they believe HMSO was overpaying. HMSO would have offered the management skills to upgrade the portfolio quicker and reduce the cost of capital. I'm not sure they were overpaying though. INTU shares are now 196. I last sold mine around 330 and I'm back in at an average of 214. I've had two lots of dividends on some and one on others. Overall I'm down but not by very much and I'm still convinced that over a 3 year time horizon, the share price will tick up back to 300. I could be wrong but in the meantime I'll collect my dividends and if it goes to 180 I'll buy some more. I have some HMSO too and if it goes up a bit more I may switch into INTU
brwo349: It's crazy when you think about it. We know these shares are chronically undervalued because of the offer HMSO turned down. They turned down an offer that valued their shares at and 18% discount to NAV. The INTU share price would be well over 300p at an 18% discount.
cc2014: I think this could be a turning point as the company has now stated in this update and in the last one that whilst trading conditions aren't great out there for some retailers it isn't affecting the ability of HMSO to put rents up and replace the tenants. OK, they have some churn and vacant space but even allowing for that the overall revenue is going up. I see both HMSO and INTU share price have responded positively this morning suggesting the deal now seems a little more likely to go through. Only a little more likely though as there is a considerable gap if you do the maths for the merger premia. Someone continues to sell INTU off this morning. Yesterday the fall was driven by one large player selling stock throughout the day. Today again we have one large party selling although the trades are being placed in a different style. Hard to say yet whether it will go on all day or whether it is just someone flipping for a point or two from shares they bought yesterday afternoon.
boystown: FT today... Hammerson, the shopping mall owner, seems to believe in the proverb “more haste less speed”. Just not in that exact order. It was somewhat less than speedy in telling shareholders about a proposed offer from mall rival Klépierre. But it has shown great haste in arranging a first quarter trading update amid its own bid for rival Intu. In fact, Hammerson took 11 days to tell investors of last month’s takeover proposal from Klépierre at 615p a share - a premium of 40 per cent to its undisturbed share price, which it had already rejected. But it appears to have given only a few days’ notice of today’s suddenly-arranged first quarter update - an announcement it has never before felt a need to make. Could it be that Hammerson now feels a need to tell shareholders a bit more about its reasons for pressing on with the Intu deal and ignoring Klépierre? Because it knows Klépierre has wasted no time in telling those same shareholders why it shouldn’t? Judging by this morning’s update, yes and no. Hammerson has made almost no explicit reference to either its Intu deal or the Klépierre approach - they are mentioned only three times - but it has gone out of its way to emphasise the strength and value of its own business.  In particular, without mentioning Klépierre, it has highlighted the difference between the French group’s possible 615p offer and its own latest net asset per value per share, of 790p at 31 March 2018 - a 1.8 per cent increase in that quarter alone. Hammerson has also noted “strong leasing momentum” across UK, France and Ireland following record activity in 2017. Some £7m of group leases were signed in the period, significantly up on Q1 2017, despite widely reported problems at retailers such as Toys R Us and New Look. Growth in rental values was achieved across all segments of the portfolio. Net debt of £3.4bn also meant the loan to value ratio fell by 100 basis points to 35 per cent. And shareholders were reassured that Hammerson remains on track to deliver £500m of property disposals this year, allowing it to recycle capital. It had completed £92m of those disposals in the quarter. So the ball is now very much in KlépierreR17;s (sixth floor food) court. Hammerson suggests it should either go shopping - or shut up shop. Pointedly, the UK group said: “While Klépierre's position remains unclear, the board of Hammerson does not intend to finalise shareholder documents in relation to the proposed acquisition of intu. The “put up or shut up” deadline for Klépierre is 16 April 2018.”  Klepierre, however, suggests its offer is about diversification and asset quality. It argues that if the Hammerson-Intu deal is allowed to go ahead, then the overall Hammerson property portfolio becomes lower quality, and goes from 57 per cent UK based to 75 per cent. That, it suggests makes a route back to a 615p share price much more difficult, irrespective of portfolio net asset value.
cc2014: I read it like this. If the Klepierre bid is successful, INTU is left floundering. The current share price of HMSO would seem to indicate an offer is far from certain. If the bid is successful and I think it would require 680p, it puts support under the sector and I'm not sure how much upside there is in INTU but I don't think it would fall in this scenario from the current share price. If the Klepierre bid is unsuccessful I agree HMSO would fall back, I think to more like 480p, giving HMSO a value of 228p. However, INTU was trading at about a 10p discount to the HMSO share price before the Klepierre bid so 218p. (no idea how the HMSO dividend affects this which has happened in the meantime). There appears to a remote possibility stated in the press HMSO shareholders would not vote for the INTU/HMSO merger but I think this is the press trying to make news out of nothing. It's probably enough thought to reduce the 218p above to where we are now. So, in summary I'd agree, possibly a 5% downside vs. a much higher upside and collect a 7% dividend in the meantime.
orinocor: Most of the property stocks plummetted on the Brexit vote then recovered. Some more than others. However the Intu share price is now just 215p whereas it only went to 260p after the Brexit vote. Is the outlook for shopping centres really this bad? Or are Intus' shopping centres not the high end ones that would survive and prosper. Rising interest rates won't help this either but I think that is overblown since I cannot see them rising much. I'm not sure if there is a great opportunity here or if this is a trap. Views welcome.
Intu Properties share price data is direct from the London Stock Exchange
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