St.modwen Properties Share Discussion Threads

[skinny] 01/7/2014 09:05

JP Morgan Cazenove Overweight 373.20 358.60 425.00 425.00 Reiterates

Liberum Capital Buy 373.20 358.60 432.00 432.00 Reiterates

[redartbmud] 01/7/2014 08:43

bradwood

I think a trip to the golf course would be appropriate at this stage.
Calm down dear.

Seriously, good results and good visibility going forward.
I wonder why SMP is one of my largest investments? Hmmm.......


red

[broadwood] 01/7/2014 08:19

Nice early bump on those figures.

[broadwood] 01/7/2014 07:29

- Regeneration specialist St. Modwen Properties reported a 32% increase in profit before all tax to £51.3m in the half-year to end-May (H1 2013: £38.8m).

- 6% increase in shareholders' equity NAV per share to 294.2p (Nov 2013: 278.8p per share) and EPRA NAV up 6% to 314.4p per share (Nov 2013: 297.7p per share)

- Realised property profits of £19.1m (H1 2013: £16.1m)

- Net valuation gain of £35m (H1 2013: £23m) comprising added value gains generated by the Company of £16m (H1 2013: £18m) and market driven valuation gains of £19m (H1 2013: £5m)

- Launch of £100m convertible bond in February 2014 and refinancing of debt portfolio, extending average life to 4.2 years (Nov 2013: 2.5 years) and reducing weighted average cost of debt to 5.1% (Nov 2013: 5.6%)

- 10% increase in interim dividend to 1.463p per share (H1 2013: 1.33p per share)

Operational Highlights - major projects gathering momentum alongside growth in commercial property sector

- Increasing commercial development pipeline across the UK reflecting the gradual, overall improvement of this market

- Good progress made across all major projects:

o New Covent Garden Market - submission of a planning application in May 2014 for the redevelopment of the New Covent Garden Market site

o Swansea University, Bay Campus - next phase of the £450m campus now agreed with Swansea University, comprising an additional 545 student apartments. Delivery of the first phase progressing extremely well and is on target for the scheduled completion in September 2015

o Longbridge, Birmingham - a resolution to grant planning permission was secured on 26th June 2014 for the second phase of the Town Centre, comprising a 150,000 sq ft Marks & Spencer full-offer store and 45,000 sq ft of additional retail accommodation

o London residential sites - excellent sales rates continue to be achieved for both the Millbrook Park (RAF Mill Hill) and St. Andrew's Park (RAF Uxbridge) sites, demonstrating the favourable conditions in the London residential market.

- Positive outlook for residential land activity and good sales rates being achieved for both St. Modwen Homes and the Persimmon joint venture, with increasing demand at a growing number of sales outlets.

Bill Oliver, CEO, commented:

"Against a backdrop of improving optimism across the country, we are prudently increasing our pipeline of development activities and actively pursuing new opportunities to meet growing investor interest and occupier demand.

"Whilst we are still some way from a wholesale UK recovery, confidence is starting to return to the regions. Here our traditional engine of growth, commercial development, is beginning to gain momentum with over 1m sq ft of regional commercial projects in progress. This combined with our improving valuations particularly in the residential sector, underpin our confidence for continued outperformance as we work towards the full year."

[broadwood] 01/7/2014 07:04

Look fairly steady.

[skinny] 01/7/2014 07:01

Financial Highlights - excellent increased returns
- 32% increase in profit before all tax to £51.3m (H1 2013: £38.8m)
- 6% increase in shareholders' equity NAV per share to 294.2p (Nov 2013: 278.8p per share) and EPRA NAV up 6% to 314.4p per share (Nov 2013: 297.7p per share)
- Realised property profits of £19.1m (H1 2013: £16.1m)
- Net valuation gain of £35m (H1 2013: £23m) comprising added value gains generated by the Company of £16m (H1 2013: £18m) and market driven valuation gains of £19m (H1 2013: £5m)
- Launch of £100m convertible bond in February 2014 and refinancing of debt portfolio, extending average life to 4.2 years (Nov 2013: 2.5 years) and reducing weighted average cost of debt to 5.1% (Nov 2013: 5.6%)
- 10% increase in interim dividend to 1.463p per share (H1 2013: 1.33p per share)

Operational Highlights - major projects gathering momentum alongside growth in commercial property sector
- Increasing commercial development pipeline across the UK reflecting the gradual, overall improvement of this market
- Good progress made across all major projects:
o New Covent Garden Market - submission of a planning application in May 2014 for the redevelopment of the New Covent Garden Market site
o Swansea University, Bay Campus - next phase of the £450m campus now agreed with Swansea University, comprising an additional 545 student apartments. Delivery of the first phase progressing extremely well and is on target for the scheduled completion in September 2015
o Longbridge, Birmingham - a resolution to grant planning permission was secured on 26th June 2014 for the second phase of the Town Centre, comprising a 150,000 sq ft Marks & Spencer full-offer store and 45,000 sq ft of additional retail accommodation
o London residential sites - excellent sales rates continue to be achieved for both the Millbrook Park (RAF Mill Hill) and St. Andrew's Park (RAF Uxbridge) sites, demonstrating the favourable conditions in the London residential market.
- Positive outlook for residential land activity and good sales rates being achieved for both St. Modwen Homes and the Persimmon joint venture, with increasing demand at a growing number of sales outlets.

[broadwood] 30/6/2014 17:07

On the corporate front St.Modwen's, the property regeneration specialist, will become the first property company to update investors this week.

In particular, it will be the first to do so in the aftermath of recently heightened speculation regarding a first increase in Bank Rate. Nevertheless, some analysts at least seem relatively sanguine given its gearing to the economic recovery

[skinny] 27/6/2014 09:56

Interims 1st July.

[broadwood] 27/6/2014 09:49

Regaining its poise.

[uhound] 19/6/2014 10:23

Looks oversold to me.

Last market update very positive and results due 1/7/14.

[skinny] 16/5/2014 11:17

VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC (LSE: SMP) and VINCI PLC, has submitted its planning application for the regeneration of the 57 acre New Covent Garden Market site in Nine Elms, London with its partner, Covent Garden Market Authority (CGMA).

This landmark, multi-phased project is the largest proposed regeneration scheme in Nine Elms on the South Bank, one of London's key development areas for new mixed-use development. It will secure the future of New Covent Garden Market, the UK's largest fruit, vegetable and flower market, through the delivery of new 21st century facilities.

The development releases 20 acres of surplus land which will be transformed into a high quality residential neighbourhood benefitting from fantastic riverside views and comprising approximately 3,000 new homes, 135,000 sq ft of new office space and 100,000 sq ft of retail, leisure and new community facilities, including shops, cafes and restaurants.

The designs build on the planning permission already secured by CGMA in 2012. The proposals will provide over 500,000 sq ft of modern market facilities consolidated on one site for the 200 tenant businesses which employ over 2,500 people. This will sit alongside a new Food Quarter, part of the new market, known as The Garden at New Covent Garden Market.

The entire scheme will be set alongside a new linear park for the area alongside the river and stretching from Vauxhall to Battersea Power Station via the new American and Netherlands Embassies. This major Opportunity Area will also benefit from the extension of the Northern Line and the opening of two new tube stations, meaning the majority of people living and working in the area will be within five minutes' walk of a tube station.

Subject to receipt of planning permission, development work on the new market will commence in 2015.

[redartbmud] 28/3/2014 07:57

Orange juice.

[broadwood] 28/3/2014 07:42

Just the one glass then.

[redartbmud] 28/3/2014 07:40

Agreed. Onwards and upwards. Off to the AGM later.

[broadwood] 28/3/2014 07:05

Happy enough.

Following a strong set of full year results, we are already enjoying a good start to the year. This has been further supported by our successful convertible bond offering, which demonstrates a growing confidence amongst our existing and new investors.

"As the year progresses, we expect the ongoing improvement in the residential and commercial markets to continue. And, having further strengthened our balance sheet, we are very well placed to drive further growth of the business, using our considerable in-house expertise to bring forward high-quality development land, both for sale and for development ourselves.

"We remain firmly focused on generating value for our shareholders through our multi-faceted regeneration activities and active approach to asset management

[peaeff] 19/2/2014 08:46

my target has come quicker than I imagined so I've taken profits. GLA

regards

[solomon] 08/2/2014 12:27

Thousands of private investors would love to be in a company with a chart like the one at the top of this thread.
UT trade at the end of the day yesterday indicates a good start for Monday.

[peaeff] 08/2/2014 11:08

The results were very good and coupled with the latest reports on the housing market, at last, it seems to have been recognised.

However we have been here a couple of weeks ago and it remains to be seen if we can break away from the 400p mark next week.

I am very bullish about this and would like to see a steady rise to around the 425p mark in the next month or so.

regards

[topvest] 04/2/2014 20:51

Yes, all looks very good. Still a quality company.

[redartbmud] 04/2/2014 07:56

I too am V happy with those results!

[broadwood] 04/2/2014 07:07

V happy with those results.

[jaws6] 21/1/2014 12:17

Why people pay 404.3 when price is 394.5 ??

[jaws6] 18/12/2013 21:06

red
No prob.Nice to know dates.I will post dates if I get it.
I have seen 400 p buy note last week ,I hold SMP in isa so happy if we get 400 p.

[redartbmud] 18/12/2013 20:25

jaws

You are correct about 20th. No update is due then.

I normally pick up my forward dates from Investegate. It is not foolproof, but is as reliable as any other source, and more so than many others.
In this case, either I have made a mistake, or they have corrected their information since i first read it.

As Smp is one of my longest held stocks, I just tend to let it run without too much close attention. i hold the company in very high regard.
I was away for a couple of days in the early part of that week, and missed the announcement as a consequence of being exceptionally busy.

Sorry if I have caused any confusion.

red