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||Market Cap (m)
|Real Estate Investment Trusts
New Euro.Pty Share Discussion Threads
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|NEPI-New Europe Property Investments PLC- A play on discretionary consumer spending within Romania and Eastern Europe- An Undervalued Gem?
H1 Financial Results -2015 :
Potential Catalysts for share price increase/NAV share increase:
• 80% projected 10 year growth in private consumer spending (retail) within its core market of Romania
• 29 Income producing properties: 108.9m Euros (year to 31/5/15):Romania 80%, Slovakia 17% and Serbia 3% and a strong pipeline of 29 development properties
• Strong office portfolio of A-grade properties in Romanian cities with significant multinational tenant demand
• Strong, experienced management team-with an unparalleled knowledge of the Romanian retail market , despite recent CEO/COO departure
• 64% of contractual income is anchored with large tenants/major franchisees
• Low vacancy rate of 1.7% with decreasing annual trend
• Long mean lease duration of 5.2 years as of 31/12/14 with only 2% lease expiry due in 2015
• NAV 6.42 Euros/share, trades on multiple of 1.57 times EV
• (unaudited) 24% increase in recurring EPS H1 2015 versus H1 2014
• No significant analyst cover
• Thinly traded
• Bid-offer spread on AIM market: 13%|
|I keep looking at this, and keep shaking my head.
First, the spread is enormous, it never seems to get below 2 euros, on a 5 euro share!
Second, it returns a lot of profit as dividends, but then does frequent accelerated book builds -- there's one every few months. While I understand that large dividend payments are attractive to institutions, there must be a cost associated with the book builds: is this the most efficient use of cashflow?
I guess the most efficient way to invest in this is to buy an initial large stake and then simply accumulate by taking up all the offerings that come your way. That way the initial large spread gets smeared out over an ever larger number of shares. Sadly, that also means it's probably not suitable for a small investor like me.
LATER: Hmm, looking at it on fin24.com, it seems that the spread is much tighter in ZAR (rand). Perhaps that enormous spread is just a function of my using a small British dealer on a relatively inactive euro quote.|
|also listed on the JSE and BSE as well as LSE, shares are inter-tradeable on all three exchanges.
|not bad performance since Aug Toon, and a c.5% dividend to boot! Bought a 'few' ;-) in Nov. Looking nice and steady. Seems that the rights issues have been non-dilutive as they continue to grow the asset value. Results out on 6th Feb. Might be a bit toppy share price wise right now but if you check the shareholder register there are quite a few very big pension funds on board and I think they all took up their full allocation.|
|1st post lets hope its not the last!|
|Well someone recommended me to have a look at this and I notice no BB thread so lets start it off. I will look for articles news tidbits etc. Unfortunately not a well traded share maybe that will change|
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