Mountview Estates Share Discussion Threads

[essentialinvestor] 17/6/2021 09:26

konrad, thanks for alerting me to MTVW, appreciated.

[weemonkey] 17/6/2021 09:22

Where can one one find detail of the amount of properties that they currently have and the change in that inventory since last year? Ta.

Solid results today. very conservative valuations I suspect

[strathroyal] 17/6/2021 09:04

Drop in long term borrowings suggests that they haven't found many ASTs to buy. I think that will be the main reason for the increase in the dividend and if this is a long term trend, then the business will continue to throw off cash.

[jonwig] 17/6/2021 08:06

"true NAV is well north of £20" - can't argue with that!

Balance sheet says it's £101. It could be nearly double that on a revaluation of trading properties which are held at cost of £398m.

[ntv] 17/6/2021 07:25

At last movement in the dividend

[jonwig] 17/6/2021 07:19

FY results;



A cheery Mr Sinclair!
Final divi raised to 225p with hint of more - maybe 450p for whole of current year?
Managed to make net purchases and reduce debt.

[undervaluedassets] 07/6/2021 15:39

Well I have had a largish nibble

The last full year report from the company was justifiably cautious when it came to residential valuations given Covid.

That caution looks overdone to me now given the madness in the housing market. (I should know I am trying to buy a house).

The shares have gone sideways for the last 6 years. Meanwhile the residential property market has definitely not gone sideways

Sooo... the residential property portfolio is due a re-rating.

When people get nervous in this country they don't buy gold, they don't buy bitcoin they buy houses.

I think more importantly investors will end up here because they too are thinking along these lines

So, given everything I see little downside here and, in the interim, I get paid to wait.

[jonwig] 07/6/2021 15:15

EI - touch of hindsight there?

[essentialinvestor] 07/6/2021 14:01

Need to look at opportunity cost of capital as well.

My largest holding is OCI, take a quick gander the OCI share price chart.

[konradpuss] 06/6/2021 13:02

Essential, the house builders are for people who get in and get out. If you are mostly passive the yield and gradual share price increase (in fits and starts) over time might direct you to Mountview.

I usually see the ex fund manager of TR Property Trust at the Mountview AGM - Chris Turner. He actually asked a question two years back - from memory - when will the board commission a new valuation.

.

[essentialinvestor] 06/6/2021 11:51

Would not become too fixated by a perceived discount and base an entire
investment strategy around that. Most of the house builders have about doubled
from last years lows, I bought Vistry very near the 2020 low. Plenty of other
ways to make returns.

[konradpuss] 06/6/2021 10:17

ydderF, do you remember the early nineties? Residential property was literally being given away. If interest rates go up it will not only be the highly leveraged house owner but also the government trying to service its debt, both will be in big trouble.

[ydderf] 06/6/2021 09:48

The share-price has been around this level for 6 years, the housing market (+10% last 12 months) is a drug from which no government can wean the voterati. If interest rates rise the corruption of the market means that nobody will suffer and a fix will be found to prevent punters, sorry owner-occupiers from being thrown out onto the streets. This is a one-way too big to fail bet, and the time to sell will be never or when the distorted UK housing market is fixed whichever is sooner. Follow the insiders - when did they ever sell a share?

[konradpuss] 05/6/2021 15:05

Essential, I think much pressure will be put on the management at the EGM to pay up for another Allsop valuation. I never miss it - well I did last year!

The valuation will be the catalyst.

[essentialinvestor] 05/6/2021 14:58

I bought a small amount, however still don't see a catalyst for the SP
to more accurately reflect what NAV may be and that is partly the problem?,
we don't have an update to date figure.

So understand the rationale but don't see a catalyst.
The reason I bought is overvaluation elsewhere.

[konradpuss] 26/5/2021 19:04

ydderF, the long term upside is that the valuation gap closes i.e. the gap between the worth of the portfolio and the valuation reflected in the current share price.

I would suspect fair value is £150/£160 a share. Unfortunately I am a valuation surveyor by qualification so I am sure to be wrong!

[ydderf] 26/5/2021 09:22

"Where is the longer term upside, the share price is trading below December 2014 levels" Essentialinvestor would you be a buyer or a seller of your house at 2014 prices?