Kennedy Wilson Share Discussion Threads

[hpcg] 04/3/2015 00:37

The dip a day or two ago was a broker note (DB?) whinging about not enough deals being done.

[mad foetus] 03/3/2015 16:56

Big buy of 400,000 at 10.95. That shows where smart long term money Is going imo.

[anley] 26/2/2015 11:50

In one of my posts I mentioned how the share price would not respond to big jumps and today I feel justified in saying that. However, the results are very good and to be expected from this management.

With an economy slowly recovering then we can expect growth in rentals as well as in the NAV. I decided to top slice my holding and the balance has gone in to my "tin can" where it can stay until I am 75 (current age 72).

Thanks everyone as I shall not be bothering to comment anymore......

[mad foetus] 26/2/2015 08:40

Yes, all looks good - NOI was £46.9m last year and is already 133.4 annualised for 2015.

[hpcg] 26/2/2015 08:34

Dividend at 28p anualised now. With deals in the quarter there should be scope for an increase next Q as well.

[mad foetus] 25/2/2015 14:34

nice to see share price nudging a 5 month high on the eve of the first results. let's hope we get plenty of forward looking guidance tomorrow and some idea about whether the company will invest in Europe or still to the UK & Ireland.

[anley] 19/2/2015 16:58

Wonder why Marketfield Asset Management - a NY based hedge Fund has reduced its holding in Feb from 8.97 to 7.87 to 6.89%??

[hpcg] 19/2/2015 11:58

That must be one of the best deals yet. The dividend should show some lovely growth.

[anley] 19/2/2015 10:30

Another cash acquisition before the results. This time in the hotel sector with a solid income potential based on fact that hotel assets are in fashion.

One needs to read the NEWS above..........

[mad foetus] 13/2/2015 14:45

nice move today, will be interesting to see if it can be maintained in run up to results or whether we'll fall back again. I also hope in the results to get some guidance about whether further fund raises are envisaged or whether future acquisitions will be funded by sales and leverage and whether the company will invest in mainland Europe: we have teams in Spain and Italy I believe but no investments yet.

[anley] 12/2/2015 14:22

and me to..........however, the price will never run away as that does not happen with property shares and one day the USA parent company will mop it all up with a premium bid over NAV.

[mad foetus] 12/2/2015 12:21

the results and forward looking guidance should be another positive to come.
anley - I think the problem for KWE is that too many people are looking for businesses that have the potential to double or triple in value in no time. That is fine, but it is really informed gambling rather than investing.
If KWE hits its target of 15% pa I will be very happy to hold for a very long time.

[hpcg] 12/2/2015 11:02

This is exactly the type of deal I bought in for. I think the price will rise when the dividend growth trend becomes more visible.

[anley] 12/2/2015 10:49

Another interesting deal announced today.........these guys are very good at picking up quality assets on the cheap. I suspect it is who they are and what they have done in the USA...............

At my investment club the other evening one of the share pickers called the business boring.........I don't think he had even bothered to look in to them so it was turned down. The moral is they need good PR so let us hope the results are good and the press picks up on this.......

We shall have to wait and see.

[mad foetus] 06/2/2015 09:47

Nothing new but a bit of media coverage: hxxp://www.cpexecutive.com/regions/international/kennedy-wilson-europe-re-shells-out-big-bucks-for-big-uk-acquisition/1004112746.html

[hpcg] 03/2/2015 12:37

I'm not especially fussed by the share price as such. This is a long term holding in my SIPP which I will be adding to over time so in that sense a low price is good for me.

[mad foetus] 03/2/2015 11:52

I am a bit baffled by the share price the Aviva acquisition generates £34.7m net income a year and is 70% funded by debt costing £10.4m. So the other £150m KWE has put up is generating £24.7m pa. That is a stunning return. Let's hope the board put lots of meat on the bone with the results.

[anley] 03/2/2015 11:36

Topped up again in front of the results due at the end of FEB.

Also I read that the biggish acquisition has now been totally completed and all this will be explained when the results are released.

That is how I see it............

[hpcg] 22/1/2015 19:46

Market likes easing, presumably for valuations of our Euro denominated assets. Though Euro / GBP reverses that, which was my bigger fear. For me buying in was somewhat an act of faith in the management rather than on current metrics, which in any case only existed based on the starter deals.

[anley] 22/1/2015 17:33

Trouble is that UK brokers have not much of a clue as to who and what KW are in the USA and what returns they have made for shareholders.

[mad foetus] 21/1/2015 11:21

The divi reflects that it only launched in 2014 and so wasn't fully invested or geared up throughout the year. It is not primarily an income play but 3% seems very achievable. The December acquisition from Aviva was interesting - they bought £550m+ of property yielding 6.9% and Aviva provided them funding for £350m+ at a blended rate of less than 3% (can't remember the precise figures). So on the face of it that was immediately value accretive, though presumably some of the properties will need a bit of refreshing in due course.

Broker coverage is fairly minimal here. Interims were in early August so perhaps we will get full results in February and that may raise the profile.

[ptolemy] 21/1/2015 11:10

January investor presentation seems somewhat at odds with the broker estimates.

2015 FY

KWE have NOI of 130m and brokers revenue of 115m
KWE have divi of 1.5% (16p) and brokers have 3% (31p)

Think there's potential - chart basing also - but question marks...

[mad foetus] 21/1/2015 07:16

Look like decent results from Land Securities today. They are up 20% over 12 months. I think they are as close to a direct comparison as I can think of and I think our share price should be at least £1 ahead of where it is.

[anley] 16/1/2015 16:50

I agree and will top up again on Monday.........with interest rates so low and may go even go lower then borrow and take the turn is what the property world is all about at the moment.

[mad foetus] 15/1/2015 11:11

They have a new January investor presentation on their website, though they don't change much month my month.
Net operating income is now £130m. Portfolio worth around £2bn and around £650-700m of debt drawn down and £225m undrawn. Once the debt and operating costs are stripped out I would expect a profit in the range of £70-90m, though this may be reduced by building and renovation costs, though these should pay for themselves over the long term.
Looks well undervalued to me, I may try to persuade the boss to pick up more at this price.