Land Securities Share Discussion Threads

[essentialinvestor] 01/4/2020 18:49

Helical is the quality sector play imv. I got some under 2.02,
however unfortunately not available in any quantity near those levels.

GPOR are very well placed, they have been net sellers for the last 5/6 years.

A nicely timed recent director buy at Great Portland as well.

SHB longer term worth watching.


In terms of the LandSec NAV discount, the market appears to be anticipating large NAV falls?.

However, you could make a case that's already allowed for in the SP?.

It's the retail element of the portfolio that may shed some light on the current valuation?, may be.

[ny boy] 01/4/2020 18:48

50% crash from the highs, does not mean these are cheap, there needs to be a complete reset of rental values to attract solvent tenants to fill space, good times are over, property values residential/commercial could fall 25-50% if this lockdown goes on longer than 3 months, without any business being conducted. We are talking a severe recession/depression imo The global repercussions could be unthinkable
Cash & Gold will be King

[jonwig] 01/4/2020 18:38

EJ - funnily enough, I've been reading just the opposite. Working from home is common amongst the kind of people who thrive by exchanging ideas, throwing them about person-to-person. There are also comments that it's far from easy to maintain concentration.

The only people who thrive on it seem to be novelists.

[essentialinvestor] 01/4/2020 17:17

The now use LTV, rather than net gearing.

Net borrowings are £3.6 billion, approx.

[void concept] 01/4/2020 16:57

And currently?

[essentialinvestor] 01/4/2020 16:50

Had a quick look at the 2007 FY, borrowings just over £5 billion,
net gearing was 47.1%.

Diluted adjusted NAV at £21.81 per share.

[jonwig] 01/4/2020 16:39

I mean going into the crash, not post-down valuation.

BLND (LTV 31%) said last week:

Given our covenant structure across the Group, we could withstand a fall in asset values across the portfolio of greater than 50% without any further mitigating actions.

I think there's a carry across. LAND still to comment.

[essentialinvestor] 01/4/2020 16:34

Jon, remember the LTV numbers can rapidly rise on valuation falls.

The key question is whether they may need an equity raise?.

[jonwig] 01/4/2020 16:32

EI - from what I remember about the numbers during the GFC, LTV values were a lot higher, and companies rushed to do equity raises. I think a LTV of 30% or less should be safe enough.
(LAND is 28%.)

[essentialinvestor] 01/4/2020 14:49

Will LandSec be able to navigate the next couple of years without an equity raise?.

That's a key to the valuation imv.

[jjhogg] 01/4/2020 14:46

yes sorry about that, I should have looked at the date!

[essentialinvestor] 01/4/2020 14:44

That's the 2009 rights issue!.

I just posted it as an explanation of why NAV is significantly below 2019 levels.

Apologies if that caused any misunderstanding.

[jonwig] 01/4/2020 14:44

jjhogg - that article is ELEVEN years old!

(For the record, a "rights issue" is open to all.)

[bookbroker] 01/4/2020 14:41

What are you talking about?

[jjhogg] 01/4/2020 14:36

ignore me that document was 2009! should have looked at the date

[essentialinvestor] 26/3/2020 18:38

At least they did not go down the Bland share buyback route.

[careful] 26/3/2020 12:18

picked up a few at 563.
These used to be called the boring rent collectors.
Prime assets in prime locations, conservatively managed.
The bluest of blue chips.

Now we wonder if property is safe as it used to be in times gone by.
This new world is opening up new possibilities.

Bought today on the assumption that we shall go back to the old way.
We will not want to work or even shop from home.
We are social animals, need to see and be seen.

[quepassa] 18/3/2020 17:07

Yes . Excellent timing. Well done him!

I haven't checked his holdings but he flogged £1million of shares but I guess he has still lot more shares he didn't sell?

ALL IMO. DYOR.
QP

[essentialinvestor] 18/3/2020 16:44

QP, Robert Noel timed his sales astutely.

[quepassa] 18/3/2020 10:07

See Sainsbury's RNS today about the Business Rate holiday announced yesterday.
Sainsbury's bill last year was £567million.

A big boost for tenants. And by extension, landlords.

ALL IMO. DYOR.
QP

[quepassa] 13/3/2020 08:21

SIX POINT TWO FIVE PER CENT YIELD.

AT A TIME WHEN INTEREST RATES ARE AT AN ALL TIME LOW.

BABY THROWN OUT WITH THE BATHWATER?

ALL IMO. DYOR.
QP

[quepassa] 12/2/2020 16:33

Strong momentum.

[quepassa] 15/1/2020 16:07

Significant UPGRADE AND TARGET PRICE INCREASE.

Bk of America Merrill Lynch issue broker note today with UPGRADE BUY recommendation and TARGET PRICE INCREASE from 990p to 1070p