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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| St.modwen Properties Plc | SMP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 559.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 559.00 | 559.00 |
| Top Posts |
|---|
Posted at 24/6/2021 08:20 by dendria Offer increased to 560p.Delisting of SMP on 9 Aug. Payment by 20 Aug. |
Posted at 27/10/2020 15:30 by red ninja Well out at 344p, there may be discount to NAV in SMP, but very nervy and in IMO just seems a risky hold in the current nervy markets. |
Posted at 30/9/2020 14:08 by red ninja Article on new CEO of SMP in the Times today. New guy is described as a "incredibly sharp and smart" by a former collegue. |
Posted at 28/9/2020 09:40 by red ninja Nice to see someone buying SMP ... |
Posted at 25/3/2019 14:43 by cordwainer Sharing a non-exec with Domino's, E.g. "..ah yes, but might be best to have your new Domino's Pizzo branch here rather than there because its not public knowledge yet but SMP are likely to sell and build out this nearby site for a 300-operative Screwfix shed and its commuters and customers will ..." |
Posted at 07/2/2019 22:11 by cordwainer Having made about 10% on the stock after fees in 10 months, i'm satisfied.Decision to sell not really very stock-specific. Despite SMP's excellent no-deal brexit contingency planning, being in the FT250 market sentiment towards the UK might override that if no deal happens. I confess no-deal brexit fear has encouraged me to increase my cash position, even though SMP probably deserves a good quality hold rating. |
Posted at 06/2/2019 16:21 by cordwainer .. however I crystallised profits on SMP this morning. |
Posted at 05/7/2018 04:16 by cordwainer from The Times TEMPUS:Selling strategy is paying dividends for St Modwen If you are looking to buy a few shops, or perhaps a small shopping centre, or even, say, a town centre in Edmonton Green in north London, look no further than St Modwen Properties. The FTSE 250 regeneration specialist is on a selling spree and, frankly, it could not come soon enough. Until the start of last year, the company had languished as a property business with an erratic and sprawling portfolio that did not make a lot of sense. It had specialised in buying land that no one else wanted to develop, such as old oil refineries or steelworks, and turning them into huge sites of offices, shops and retail. It also held a 15-year-long landbank but no real housebuilding business to speak of, small retail assets that were not generating much income, and town centres that were returning little more than £5 million in rent, such as Edmonton — yours for £70 million, if you are interested. Mark Allan, the former chief executive of Unite, the student accommodation provider, came in and changed all that. He decided that St Modwen would continue to take on regeneration sites but the focus would be housebuilding and industrial and logistics centres. Almost everything else could go. It was a bold move and has pleased investors it seems. The share price since Mr Allan arrived in December 2016 is up to 404p from 303p. The group’s interim results show its strategy is going well. The company has sold £350 million of assets, including £95 million of retail, taking disposals since the strategy was announced last year to £635 million, representing 35 per cent of St Modwen’s portfolio. Yes, some of the retail assets are selling 4 per cent below November 2017’s book value but in this climate that should not be considered a bad run. The returns from selling properties are also showing big gains for the company. Take the £95 million of retail and £139 million of student accommodation in Swansea the group sold in the first half of the year. This was delivering a net rental income of about £10 million a year. The group has invested half the proceeds from these sales — about £110 million — in its logistics and industrial pipeline and is set for an income of £11 million a year. Scale that up to £500 million of capital being recycled and that translates into a big move on earnings and, by extension, the dividend over the next two to three years. In the past, a lot of cash generated by St Modwen was development profits, as the company sold all that it developed. Now it will hold on to assets that generate an income and link the dividend to the recurring cashflow from this activity and housebuilding profits. This means, as income increases, dividends should rise more strongly. St Modwen reported a 53.5 per cent increase in the dividend to 3.1p per share, up from 2.02p a year earlier. The cash from these disposals is enabling the management to pursue an ambitious development strategy of boosting its residential and logistics divisions by 25 per cent a year, while keeping debt at a low level, at 24.2 per cent loan to value in the first half. The shares dipped 4 per cent to 404p after the company revealed profits were down 18 per cent to £25.9 million and earnings per share fell 22 per cent to 9.4p, although net asset value per share rose by 1 per cent to 455.4p. The company expects profits to be up on the year with the interim fall due to the winding down of a joint venture with Persimmon. The total return for the half year was 2 per cent but is expected to be 6 per cent for the full year. St Modwen wants that to rise to between 10 per cent and 11 per cent within three years and that means a big boost in dividends. With shares at a 16 per cent discount to November 2019’s NAV, this is worth a buy. ADVICE Buy WHY Sensible disposal strategy is performing well and will boost dividends over a three-year horizon |
Posted at 03/7/2018 18:20 by cordwainer Also noting that all 3 brokers reiterate buy rating, and 53.5% hike in interim dividend should be supportive too. |
Posted at 10/6/2017 12:36 by hillofwad From FTIn Nine Elms, analysts have long questioned the sheer number of planned luxury apartments. “It’s looking to be quite a major oversupply,” says Roarie Scarisbrick, agent at Property Vision. Another developer, St Modwen, wrote down the value of its land holdings in the area by 17 per cent last year. Battersea Power Station Development Corporation, which is developing the historic building itself, has applied to delay the construction of 103 affordable homes and review other affordable housing commitments. Citing rising costs and economic uncertainty, it said its expected internal rate of return had dropped to 8.2 per cent from a projected 20 per cent. It is not the only group seeking to modify its affordable housing obligations as Brexit casts a cloud over the economy. Edoardo Mapelli Mozzi, chief executive of the London developer Banda Property, says: “The private sector alone cannot deal with affordable housing. This way, it only gets built if the top end of the market is working.” This contrasts with Greystar@s response in Property Week “We’re aware of all the noise, we read everything everyone else reads, but we’re just a very long-term business and the long-term potential for this area is amazing,” Allnutt said. “If you fast-forward six, seven, eight years it should be an incredible new place in London on the river.” Royal Mail still have land available to accomodate another 900 apartments and with Greystar servicing the plots will be in a more oven ready position for market The site is of course close by SMP Can see another £30-£50m trimmed from book value which will only be slightly mitigated by the potential windfall on Swansea Shame that all the good work in the regions is overshadowed by this |
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