Shaftesbury Share Discussion Threads

[onehanded] 21/5/2008 07:27

Buy level reached at £5 and next would be £4.80. Got a few.

[welsheagle] 29/4/2008 18:20

Citigroup reiterated their 'sell' recommendation today.

[phillis] 28/3/2008 09:34

A nice 15% holding

[phillis] 27/3/2008 16:15

Good turnover - little squeeze developing?

[phillis] 17/3/2008 12:43

Laxey taking on Kelmsley stake

[welsheagle] 14/2/2008 21:41

From February's 'Company Refs', when price was 527p:-
a/ Prospective PE ratio of 55.7 (based on three broker forecasts, one recommending 'buy', one recommending 'overweight' and one recommending 'hold').
b/ Gearing of 75.7%.
c/ Dividend yield of 1.99%.

[phillis] 14/2/2008 08:03

Excellent IMS - and rumoured stakebuilding as well!

[onehanded] 31/1/2008 08:36

Also info on massive uk bank loss. Rates will have to drop quickly like in USA, could give this a boost.

[onehanded] 31/1/2008 08:25

Just got back in on that drop, rumours about to surface that a bid on the way. Well run company should be at least £5 EVEN WITHOUT A BID. imho

[pugugly] 17/12/2007 11:00

Still falling - Gearing relatively (56%) high given the massive increases in LIBOR - OK I know they have protected some with interest rate swaps but 28% is floating and banks do not want to lend at the moment - Could be sdome very nasty increases in rates when they need to roll over. Weighted cost of debt increased from 6.01% in 06 to 6.54% in 07. OK weights maturity 9.9 years which seems good.

Interest cover (imo & dyor) relativley low at 1.41 times earnings, property prices have been faling heavily for the last 3 - 4 months - Discount to nav still high compared to 40% to 50%+ for other property companies - West End (imo) is at severe risk from a consumer downturn - Could have further to fall.

Views?

[gsands] 30/11/2007 13:15

CR,

I've heard from a fund manager that it is a bid target. Dunno why, but I know there has been a lot of interest in the London market.

Maybe some rich Russians or Arabs. They seem to love the place at the moment as a walk down Knightsbridge will testify.

[cockneyrebel] 30/11/2007 12:02

Well it's definitely bouncing on high volume GSands.

Sometimes best to let the trend be your friend.

CR

[gsands] 28/11/2007 11:53

Just been looking at the H1 figures.

On first glance the business plan looks sound. They invest in London's West End commercial property and here they have enjoyed robust capital growth.

Looking deeper.

NAV is cited at 6.09 per share. Not that far above where the share price is trading today. In other words, there is not much discount here.

The H1 divi was a paltry 2.16p per share - so is that going to be around 4p for the full year? If so then that's a pitiful 0.7%

Portfolio valued at £1.3bn


There is not much spare cash being thrown off:

Cash generated from revenue operations less interest payments and after net tax
receipts for the six months to 31 March 2007 amounted to #7.3 million, which
exceeded equity dividend payments of #5.0 million. Cash outflows on acquisitions
of properties totalled #13.1 million and on capital expenditure amounted to
#5.2 million. There were no property disposals during the period.



So the scope for an increased dividend does not seem to be there.

This is surprising, given the low level of debt:

Gearing at 31 March 2007, calculated by reference to the nominal value of
Debenture and bank debt and adjusted net assets as described above, was 57%,
unchanged from the previous year end. The ratio of debt compared with the market
value of our portfolio was 35% (30.9.2006 - 36%).


This suggests to me that the rental yield (or return on equity) must be very poor.




This is by no means an exhaustive analysis, but I have to say that it seems there is overconfidence in the the strength of the London market here.

The income is poor and the market seems too confident about the value of London property remaining strong.

[cockneyrebel] 31/10/2007 14:27

Peel Hunt have a buy note out today on SHB.

Lots of West London assets and trading well below asset value I believ ethey so - while a good income stream.

CR

[alansmith23] 22/10/2007 03:59

how low can this go? might buy in the 400-450 range on quality of assets.

[onehanded] 19/7/2007 16:04

buyout rumour at £7.20p.... or £5 bet next stop

[onehanded] 28/6/2007 11:06

A good company.

[phillis] 21/6/2007 10:05

Not a v good rec then....

[onehanded] 08/6/2007 09:59

Time to buy now. In for a small long.

[welsheagle] 28/5/2007 17:56

From May's 'Company Refs', when price was 723p:-
a/ Prospective PE ratio of 58.1 (based on three broker forecasts, one recommending 'buy', one recommending 'overweight' and one recommending 'hold').
b/ Forecast growth in eps of 22.7%.
c/ Gearing of 75.7%.
d/ Dividend yield of 1.21%.

[flateric] 25/5/2007 08:52

Is this one coming off the floor now...?

The 20 MA breakthru' will be important.

[sandbank] 07/2/2007 10:38

...Yes, puzzling. And a steepish sell off this morning too. This is a share which is shy of going over 800

[jaykay1981] 03/1/2007 08:55

odd performance yesterday. went up 4.5% and then finished the day down!