Plaza Centers N.v Share Discussion Threads

[edmundshaw] 05/9/2008 18:42

Come on Ran, Mordechay, give us some good news...

[edmundshaw] 31/7/2008 13:58

You'd have thought this was good news. This market really sucks... :(

On the other hand, I added more at this price :)

[edmundshaw] 31/7/2008 13:58

Of course they need some of the cash for the developments, and to pay bond holders. But the more the merrier!

I expect another reasonable dividend at the interims.

Discount to NTAV likely to be now a touch higher too, as no there were no revaluation gains on properties at the prelims, as per the Group's policy.

[romanlyczko] 31/7/2008 09:29

on 31 December they had cash position of around 400 mln.Euro,now plus this 60 mln.Euro make around 363 mln. in £,about market value.

[edmundshaw] 31/7/2008 08:18

RNS out. Really nice result on the Plzeň Plaza sale. :)

[entj] 11/7/2008 14:32

lol - still, at least this BB's not populated with numpties ;~>
May risk a buy next week.

[edmundshaw] 09/7/2008 18:57

sorry about that... :-]

[entj] 09/7/2008 18:06

Had a look at this a month or so back. Thought it was technically interesting and was impressed by the lack of a BB.
Have I left it too late to buy, I wonder...

[edmundshaw] 09/7/2008 15:37

Well, a sort of policy (from the prelims):

"Dividend Policy

The basis of the Company's stated dividend policy is to reflect the long-term
earnings and cash flow potential of the Group, taking into account the Group's
capital requirements, while at the same time maintaining an appropriate level of
dividend cover.

In Plaza's Interim Results announcement in September 2007, the Directors
outlined their intention to make distributions based on the annual net profits
of the Group starting with the 2007 financial year.

In light of the Company's strong performance, owing to the highly profitable
disposal of assets, the Board of Directors will seek shareholders' approval at
the annual general meeting on 27 May, 2008 for a maiden dividend of €57 million,
representing circa £0.14 per share.

If approved, the first dividend is expected to be paid in June 2008, with an ex
dividend date of May 28, 2008 for shareholders on the register at May 30, 2008."

[edmundshaw] 09/7/2008 15:33

I'm not sure Plaza has a dividend policy as such. But it is run to generate cash, and when it does I expect some of that cash to be distributed.

The last dividend was around 4x covered from memory, so there was cash at the last year end; but it is true there are a lot of projects in early stages of development. However, to date Plaza has not had difficulty raising capital, recently in the Tel Aviv exchange.

[edmundshaw] 09/7/2008 10:50

DDC recovering well today. Some good discussion on the Dawnay, Day Carpathian thread about Eastern European economies and wage growth.

[romanlyczko] 24/6/2008 16:44

zig-zag,or something is brewing,from technical point of view this share is unpredictable.

[edmundshaw] 21/6/2008 10:40

Nice little jump up at the end of yesterday on a 50k share purchase..

Also a rally in DDC and some other property stocks/housebuilders. Not sure why though?

[romanlyczko] 12/6/2008 18:05

yeah and estimated value of properties portfolio on completition of 3.5bln Euro plus this Hungarian small Las Vegas around 500 mln Euro,so together 4 bln Euro,and nothing is gonna to desturb their work and perfect deversity in India and EEC,which are not so much affected by credit crunch,all this should ponder well but you never know how MM's will play the ball.Longer term should be OK.
Anyway enjoy the devidend,today is the payment day.

[edmundshaw] 12/6/2008 16:34

The last prelims announcement makes quite exciting reading IMO.

I very much like the intention to buy-develop-sell for cash profits; and it looks like those profits are going to be delivered to shareholders.

They also raised around $250m with (non convertible) bonds on the TASE at very good rates. They have a good rating with the relevant agencies.

[edmundshaw] 12/6/2008 16:31

I should point out the 9% yield is based on the last dividend (in cents) and the current Euro exchange rate.

[romanlyczko] 12/6/2008 15:08

yeah,nav per share £2.68 and 400 mln.euro cash position

[edmundshaw] 12/6/2008 14:40

27/5 announced developing the biggest Casino complex in Erope on Obuda Island in the heart of Budapest; on the Danube of course. 30% interest in a 1.5 billion development consortium

[edmundshaw] 12/6/2008 14:36

The web site is excellent and well worth a good look:

The Plaza Centers Group is a leading emerging markets developer of shopping and entertainment centres, focusing on constructing new centres and, where there is significant redevelopment potential, redeveloping existing centres, in both capital cities and important regional centres. The Group has been present in the Central and Eastern Europe region ("CEE") since 1996 and was the first to develop western-style shopping and entertainment centres in Hungary. The Group has pioneered this concept throughout the CEE whilst building a strong track record of successfully developing, letting and selling shopping and entertainment centres. The Group has recently extended its area of operations beyond the CEE into India and will consider other development opportunities in Asia

Countries invested in at 21/06/2008:-
Poland (6 projects -
Czech Republic (6 projects -
Hungary (6 projects including the massive Dream Island complex
Greece (1 project, Helios Plaza)
Bulgaria (1 project)
Latvia (1 project)
Romania (8 projects)
Serbia (3 projects)
India (3 projects -

Pipeline includes Slovakia, Moldova, Ukraine and Russia.

Around 30 projects already sold (17 in Hungary, 7 in Poland for example), demonstrating a good track record of project management and completion.