Londonmetric Property Share Discussion Threads

[skyship] 22/10/2023 08:36

Performance over the past year certainly impressive v. so many. Has contributed to now what looks like an over-valuation on a mere 18.6% discount and 5.86% yield.

Surely makes upside limited compared to the obvious recovery candidates on 40%+ discounts and 8%+ yields.

[essentialinvestor] 20/10/2023 12:01

Bought a small trading amount earlier.

[petewy] 04/6/2023 12:26

Bottom of story.

[petewy] 06/3/2023 09:48

London Metric Property Plc will sell seven long income assets for £33.9 million.

Why?

[williamcooper104] 24/1/2023 22:50

Plus don't judge on divi yield FFO yield looks to be about 6 to late 5s If the management know what they are doing then better invest than pay out as a dvi

[williamcooper104] 24/1/2023 22:45

It'll never be cheap (relatively at least) Arguably best management team in UK REIT world

[nickrl] 24/1/2023 22:29

Pretty good trading update today suggesting more life in logistics still although of course much of this could have been play before the economy turned. That said when you can get 30-50% uplift on lease regears or rent reviews bodes well for the long term.
That said needs to be above 6% before i will consider.

[nickrl] 05/10/2022 14:28

Certainly its lease lengths and no immediate debt refinancing are favourable. However, you can see though that transactions at 4.2% NIY aint going to cut it when your having to pay north of 5% for debt in future so the growth story over here for a while I would suggest.

[petewy] 05/10/2022 09:23

Healthy update

[nickrl] 23/9/2022 11:30

LMP being hammered currently down over 8% discount now sitting at 33%. Yes the froth has gone out of warehouses but they have debt fixed for 6.5yrs on average for 2.6%. Are these Investment Zones now a concern that big boxes being built there will have an advantage?

[skyship] 31/8/2022 13:48

218p - "Elsewhere among mid-caps, LondonMetric was down 3.3%. Berenberg cut the property investor to 'sell' from 'hold' as part of a comprehensive note on the real estate sector."

[skyship] 26/5/2022 09:37

Well, I have to admit - a really stonking NAV performance which surely justifies the current share price

[kennewil] 26/5/2022 09:21

NTA 261.1 13% above estimate quoted below.

[petewy] 26/5/2022 09:09

Excellent results Divi UP.

[skyship] 23/5/2022 09:03

Finals this Thursday. NAV estimate 230p; but at 248p they would still be on an 8% premium...

[freeservice3] 17/5/2022 23:38

What takeover chat?

[george stobbart] 17/5/2022 23:09

is the takeover chatter real?

[starpukka] 31/12/2021 18:41

Thanks Sky. I quite fancy shorting it; but don't wish to go against current overall rising trend.

[skyship] 31/12/2021 15:18

starpukka - institutions more money than sense - playing with other people's money of course. Even Marcus Phayre-Mudge @ TRY sold out back in the 230s, citing over-valuation!

[williamcooper104] 31/12/2021 14:54

The red book value is the asset by asset break up cost of a propcos assets - it's not a going concern value - for one thing it assumes 6.8 percent acquisition costs as opposed to 0.5 stamp duty and a small bid/ask and broker fee

[williamcooper104] 31/12/2021 14:52

Ah but you see that's the traditional UK/red book way In the US they don't even value their assets, holding them at depreciated cost and all REITs are valued on FFO/AFFO earnings yields The best performing REITs have long traded at premiums to the assumed market value of their assets Trading at a premium over private market values means you've got cheap equity and can raise money and buy private assets and step up earnings (again the best US REITs have done this - a lot) US REITs have killed UK prop cos

[starpukka] 31/12/2021 12:01

Hi Sky. Yes, very over-valued, but why is share price rising ?

[skyship] 29/12/2021 14:16

kenne - this is a propco - you don't value a propco on earnings, you mainly value on assets and yield. By those measures LMP is massively over-valued.

[kennewil] 29/12/2021 14:12

Price of 10x earnings and yield of 3% seems good to me.

[skyship] 29/12/2021 11:38

Strewth - insanity upon insanity - 284p! That means a 33.1% PREMIUM & a lowly 3.10% yield.

Still, you can't back against the institutions; so not shorting just yet as the chart so positive.

Meantime, at the other end of the MCap scale, I'll top-up my SREI (52.8p) for the 20% DISCOUNT & 5.5% yield.