Raven Property Share Discussion Threads

[zangdook] 28/5/2019 15:29

depends what you mean by funds. I don't know any other property companies but there are miners HGM, TSG, POLY etc

[zcaprd7] 28/5/2019 14:50

Are there any other Russian funds listed on the UK market?

[catsick] 11/5/2019 08:43

Probably worth flagging at some point that as woodford implodes his large holding here cant be seen as a good thing......

[irish_neris] 09/5/2019 10:12

Buy back tender out for the end of May at 45pence. Seems like a big drop compared to the last tender which I think was at 55pence?

[gfrae] 24/4/2019 15:53

I must have missed something but how has NAV collapsed to 49p? I know the debt was in hard currency and income in soft , but the exchange rates havnt changed much, in fact 2 years ago when I was in Russia it was 100 ?
I have just been to Russia including Rostov and I thought things looked ok. I still don't understand collapse in NAV though !

[zangdook] 23/4/2019 16:18

Someone bought 850,000 this morning. The tender circular must be due soon. I also topped up recently, but on a smaller scale.

[zangdook] 02/4/2019 16:32

Small error in the income statement from the Final Results:

"Basic underlying earnings per share (cents) 3.12p"

I think it's p and not cents.

[edmonda] 01/4/2019 14:32

good underlying progress in FY18 results of Raven Property Group, although weaker Rouble had an effect. But now it's well advanced to a Rouble-based operating model. Ord shares yield over 7% and are at a large discount to NAV.

See full research from Equity Development here:

[bench2] 20/3/2019 14:46

Edison report just out worth a read . R84.72 to £ today

[bench2] 18/3/2019 10:23

£ / Rouble spot rate was R88.36 vs £1 at 31 Dec 2018 .. has improved to R85.59 today +3.2% so NAV now 49.5p . Management are busy converting all the bank loans from dollars to roubles/euros , and interest costs could therefore rise . The 12% £ Pref looks too expensive going forward so they might be tempted to buy in or convert to Ords . The currency mismatch is too dangerous . Especially if we remain in the EU and Sterling recovers further .

[zangdook] 18/3/2019 10:13

Thanks, catsick, I must do more reading.

I don't mind having a bit of rouble exposure but I wouldn't go all-in. It's hedged to an extent by the rouble costs of HGM where I have a larger position.

[bench2] 18/3/2019 10:10

The tender price needs to be at a discount to the new NAV of 48p to avoid dilution . I feel RAV and RAVP have become less attractive now the company has moved away from a hard currency rental proposition . I accept that the warehoues / office market in Moscow St Pete is still buoyant , but RAV in future very much a rouble play , with rouble assets and rouble income but sterling ($ & Euro ) liabilities . Unless you are bullish on the rouble ( oil and gas price sensitive ) the new set up is not for me .

[catsick] 18/3/2019 09:47

The converts have some mechanisms on the to account for the buybacks and make the strike worse ...

[zangdook] 18/3/2019 08:40

I wouldn't have minded a higher per-share tender price. Thinking it through I'm not sure I can justify that in any rational way - it's the amount returned that counts - though if the convertible prefs are not redeemed proportionately then any redemption below NAV is of dubious merit as the conv pref holders benefit from the retained NAV. But if you said to me, in that case don't tender, well, I wouldn't bite. After all, I can buy under the tender price.

I need coffee.

[catsick] 18/3/2019 07:33

Results a bit disappointing, nice to see occupancy rise fast but another valuation hit and even with 12pct ylds and 7pct interest on 50pct ltv they dont seem to produce much profits.... more jam tomorrow

[irish_neris] 20/2/2019 12:57

Be interesting to see what happens with these if brexit goes belly up and the market falls. Non UK income been generated in a somewhat steady economy. Share price isn't taking huge swings so far

[kenny] 03/1/2019 02:58

I agree - it is all very strange. Seems to be some very keen buying over the last 3 months. I don't hold - only hold RAVP - but I wonder if there is a merger or takeover in the wind. In particular, the company is one of the biggest single owners of warehouse property in Russia and it would today be difficult to accumulate such a large portfolio of warehouse property - there are few sellers at current depressed prices.

The share price must be near NAV, when you take account of the foreign exchange loss in H2 2018 - that does not make sense to me.

All of the above is speculation as I am a retail investor with no particular knowledge to explain the share price movement in the last few months.

It could be something as trifling as Russian individuals buying on the Moscow exchange in order to, effectively, move money out of Russia. If so, that effect will eventually wear off and the share price could move back down.

Do your own research and do not take any action based upon this posting - which is pure speculation.

[irish_neris] 28/12/2018 17:08

Nice spike over last while hope it continues north

[cwa1] 05/12/2018 08:36

Raven Property Group Limited ("Raven" or the "Company")



Acquisition



The Board of Raven is pleased to announce that a subsidiary of the Company has entered into a conditional agreement ('the Agreement") for the acquisition of a completed warehouse in Nizhny Novgorod, a city 400 km east of Moscow, together with 21.5ha of adjacent land from a fund managed by Amstar. The warehouse complex of 64,375sqm is fully let with a weighted average unexpired lease term of 8.4 years, the majority of space let to ZAO "X5 Nedvizhimost". Consideration for the acquisition is Roubles 2.8 billion with expected annual income of Roubles 347 million giving an initial yield of 13.7% on the completed asset. The acquisition is subject to the satisfaction of certain escrow arrangements.



Glyn Hirsch, Chief Executive of Raven said: "We are delighted to acquire this quality asset on a very attractive yield"

[irish_neris] 29/10/2018 10:46

Probably a good time for them to buy back. Price hasn't budged much in months and the Russian economy seems to be doing the same

[zangdook] 28/10/2018 21:04

Another one? The last one was only announced on the 16th. They must be really speeding it up.

[irish_neris] 27/10/2018 16:50

Another tender offer out for a share buyback at 55pence

[irish_neris] 26/10/2018 12:30

Another tender at 55pence now on offer.