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London & Associated Properties Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
London & Associated Properties Plc LSE:LAS London Ordinary Share GB0005234223 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 12.00 57,684 01:00:00
Bid Price Offer Price High Price Low Price Open Price
11.00 13.00 12.00 12.00 12.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Operators-nonres Bldgs 100.24 2.70 3.20 4.00 10.27
Last Trade Time Trade Type Trade Size Trade Price Currency
09:54:44 O 30,000 12.40 GBX

London & Associated Prop... (LAS) Latest News

London & Associated Prop... (LAS) Discussions and Chat

London & Associated Prop... Forums and Chat

Date Time Title Posts
28/4/202316:28LAS charts283
22/4/200915:29Official Thread270
09/3/200313:51The London and Associated Properties Thread-
31/8/200223:17LAS Official Thread2

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London & Associated Prop... (LAS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

London & Associated Prop... (LAS) Top Chat Posts

Top Posts
Posted at 04/4/2023 17:42 by tigerbythetail
Yes, I see value in both. More LAS than Bisichi, because of the valuation mismatch I indicated in my previous post.
There are concerns here - liquidity (you really shouldn't invest too much here, even though the numbers are appealing, simply because of this consideration), and board remuneration is too high and communications are basic. But Bisichi will likely report a P/E of less than 1 (!) when it releases its annual results. Where else can you find a number like that?
And $140/t for coal might not match the profits of last year, but it is still plenty good for Bisichi looking forwards.
I do wonder if the Hellers won't try to take both companies private sooner or later.

Posted at 04/4/2023 16:14 by 1jbrisky
I'm aware of Bisichi having held Thungela for the last 18 months or so. Would you now consider investing in either LAS or Bisichi or indeed both?
Noting of course that as with all small market caps, trading even a few thousand pounds at a time can be challenging.

Posted at 04/4/2023 13:13 by tigerbythetail
Market cap of Bischi = £25.03m
LAS own 41% of Bisichi
Value of LAS stake in Bisichi = £10.26m
Market Cap of LAS = £12.3m
(And I'd argue that Bisichi is rated very cheaply as well, considering the bumper profits it is about to report, and the fact that forward Richard's Bay coal prices are looking good at $140/t. (They're way off the peak prices of last year, of course, but $140/t equals a lot of profit for Bisichi)).
So, all those UK property assets are worth only about £2m quid?!? Really?!?

Posted at 29/3/2023 09:43 by tigerbythetail
BISI RNS - John Heller appointed to board over there.
Since LAS own 41% of Bisichi, and they should shortly announce bumper profits, I presume he should be an advocate for a bigger dividend from them.

Posted at 08/9/2022 23:51 by robizm
Go back to 2018 when they sold the Brixton assets and see how shareholders were rewarded. Bisi will be worth a lot more come final results but they earned £1 a share and paid 10p. The directors took cash instead of shares in the company and that (Bisi) should tell you how they intend to treat shareholders.

Technically Bisi should do £45 million profit maybe £50 million and 2023 should be similar but the directors never stop disappointing.

Posted at 24/8/2022 10:30 by topvest
Unfortunately, LAS and BISI are lifestyle PLCs run for the Heller family. Minority shareholders are a secondary matter. I've nothing against the Heller's as their ethics are OK, but foolish to think that change is on the way. I was a shareholder for many years and came to this realisation a few years ago and exited both.
Posted at 24/8/2022 09:20 by tim000
One way to look at LAS is to strip its BISI holding at mkt valuation out of the LAS mkt cap and compare the residual to the book value of LAS’s property assets, net of all debt and cash holdings, as Andy says. On this basis, you’re paying about 13p in the £ for the property assets. A realistic valuation of its BISI shares would imply LAS’s property portfolio has a negative valuation.
Posted at 24/8/2022 09:11 by andydaf
Seems to me market is pricing LAS at near enough the value of the shares it holds in Bisichi.Surely the value of the property portfolio must be worth more than a few million?I am not a trader but have taken a couple of batches over the last couple of weeks as in my view there is deep value here.I accept that a certain persons pay seems excessive but if Bisichis profits are going to be what i think they will be theres every chance Las is a bargain.As always GLA
Posted at 23/8/2022 13:58 by my retirement fund
Quite possibly, never the less its the same story at Bisi, but the share price (equity) still has to bear some resemblance to the book value of the equity. In a rising tide, that's upwards. Put it another way, directors can choose to take cash out of a business however they like or not at all, but taking away cash is not the same as taking away profitability.
Posted at 23/8/2022 13:18 by my retirement fund
LAS currently market caped at 20M, its last reported NAV per share from last year was 48p and is currently trading at 24/25p

Taking into account its 41% ownership of BISI and on going events with BISI's fortunes, its NAV could be well north of 60p!

Las needs to sell its stake now imo.

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