Share Name Share Symbol Market Type Share ISIN Share Description
St.modwen Properties Plc LSE:SMP London Ordinary Share GB0007291015 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  9.50 1.95% 497.00 496.50 498.00 500.00 492.50 492.50 199,338 16:35:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 433.0 72.4 27.1 18.3 1,105

St.modwen Properties Share Discussion Threads

Showing 26 to 49 of 650 messages
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DateSubjectAuthorDiscuss
21/7/2003
21:22
Very respectable results today, particularly on the NAV. Surprised that they have not attracted more comment. LONDON (AFX) - St Modwen Properties PLC six months to May 31 2003 Sales - 66.82 mln stg vs 57.61 mln Pretax profit - 17.91 mln stg vs 14.53 mln EPS - 10.1 pence vs 8.4 NAV - 167.9 pence vs 143.4 Interim div - 2.2 pence vs 1.9
bumpy dog [new]
19/4/2003
08:37
St Modwen Properties - Friday 11th April 2003 Brummie-based St Modwen has gained a reputation as a property group that delivers the goods. Today's statement underlined its solidity, with 70% of last year's development profit already in the bag two-fifths of the way through the year. The shares deserve their premium rating, reckons Magnus Grimond. St Modwen Properties is not shy about blowing its own trumpet, but such pride is certainly justified by the record. Over the past five years, this Edgbaston-based group has almost doubled both profits (to £30m) and net assets per share (to 161p). And unlike so many property companies, the progression of both figures has been beautifully smooth. And there is little sign yet that St Modwen's bright record is being overshadowed by the gloom being cast from the London property market, and Canary Wharf in particular. That one-time darling of the stock market has had to admit that the amount of space lying vacant is looking much worse than it has revealed up until now as its financial sector tenants pull in their horns. By contrast, St Modwen chairman Sir Stanley Clarke, who himself controls around 22% of the company, exuded confidence at today's annual general meeting in London. The company had continued to make "good progress" so far this year, he said, with £16m of development profits in the bag or about to be. In addition, agreements have been reached to sell or let 150,000 square feet of as-yet unbuilt space, prices are coming in better than expected and the rent roll has advanced another 18% to £40.6m. Meanwhile, several big developments are proceeding, like a £30m "urban village" near Stroud and a regeneration project at Hatfield in Hertfordshire. Sir Stanley is not totally complacent. He pointed out that: "We cannot remain immune from the slow-down that is being reported by others." But, he added, that "our portfolio of existing cost-effective space and well located, competitively priced land will, together with our exposure to a wide range of occupier markets, ensure that your company should remain among the top performers even in the most difficult times." This is not just hubris. Sir Stanley has a pretty defensive portfolio to back his claims. For one thing, the company has no office property in the cooling South-east of England, where values have fallen and vacant space abounds. According to finance director Bill Oliver, some 45% of the group's property is south of the M4 motorway, but a large part of that is in retail. Just under half of the 320 properties in St Modwen's investment portfolio are retail - secondary sites in covered shopping centres in towns like Enfield, Hounslow or south London's Elephant & Castle. Not flashy and requiring work from the landlord to maintain the rent roll, but yielding a healthy 9% or 10%. Another 130 are industrial premises offering a slightly higher yield of up to 12%, although that only compensates for their poorer quality. The balance is made up by around 40 offices. Outside the South-east, St Modwen is well spread around the country, with four regional offices allowing it keep track on its "secondary" retail tenants. These include chains not out of the top drawer like Big Food's Iceland or the Poundstretcher shops owned by Brown & Jackson. Not "destination" shops, these type of retail outlets trade well, says Oliver, and the covenants are not that bad. The aim is for this collection of investment properties to generate around two-thirds of group profits, covering overheads, interest and dividends. When the moment is ripe and there has been some money spent on the sites, they are sold on when the opportunity arises. These development gains are normally seen as less reliable, as they are inevitably more lumpy than rental income. Even so, the £23.2m that St Modwen generated in this way last year came from as many as 40 projects, spreading the risk accordingly. Analysts therefore see them as being more reliable than those generated by many others in the sector. The balance sheet, too, is pretty conservative by industry standards, with gearing of 89% in November and interest covered over three times by operating profits last year. All this, yet management has committed to doubling the size of the group every five years. That implies average annual growth of around 15%, which one analyst suggests would be a bad year for St Modwen. In a good year, that figure could rise to 25%. This is not a group where anyone will pick up a bargain. With the shares up 7p at 164p today, the company trades very close to net asset value at a time when the sector is valued on a discount closer to 40% than 30%. And the outlook is not easy. St Modwen is not finding letting a problem on the retail side, where it virtually fully let, but things on the industrial side are "quite slow", says Oliver. Even so, the group looks on course to achieve a net asset value of 183p by the year end in December and somthing a little north of 200p 12 months later. That sort of steady double-digit growth, with a well-covered prospective yield of 3.9% in addition, is hard to find nowaday. As a result, the shares look good value for the long term.
pork belly
08/2/2003
21:24
St Modwen Properties, Finals are out on Wensday 12th.
boram
08/2/2003
00:17
Well it's nice to see it is moving up again. Wonder why?
mrbt
14/1/2003
11:13
Brighton Pier cost small to SMP. Initial costs only, no investment as of yet as no work commenced. A decision will have to be made on whether to continue or not. This will have to be made by such powers over the next two months, quickly, because of health and safety with remaining wreckage. It is doubtful the pier can be renovated, it can only be re-built in a more substantial form. It would actually be cheaper on that basis! Stock volume has been encouraging with large lines of institutional shapes and agency crosses over the xmas period particulary.
piceman
03/1/2003
23:13
Wonder what that will do to profits. Might be worthwhile reducing my holding while still fairly high and taking some of the recent gains.
mrbt
02/1/2003
23:32
Anyone know what the involvment with Brighton West Pier is. Or was.
mrbt
02/1/2003
15:23
Does anyone know the reason for todays drop in share price? down 6.5p BOON
boonyed
23/12/2002
20:34
Making some good steady progress now that they have finally broken out of the £1.40ish level.
capercaillie
13/12/2002
00:38
MM's will only job St.Modwen as supposed to take short term positions because of the liquidty (market turnover). Generally where you see a stock rising of falling against marked trades is because they have a undisclosed buyer or seller at a certain level. They may also have protected trades that won't be booked until the close of business. St.Mod's are becoming an ever increasingly interesting company. Their recent lease back deal with Alstom (France) contains a good area of land, apx 500 acres, most of which is contaminated. The contamination puts alot of competitors off but St.Mod's have prooved their Return On Capital Employed (ROCE) on these ventures in the past. This deal alone could add over 5% to the already growing Net Asset Value. The key to this company is purely NAV as far as the market values the share price level. Whilst property prices will fall next year (debt levels - it's not a one way street) St.Mod's appear to be somewhat protected with their regeneration opportunities. With Stan Clarke now stepping down and Glossop taking the helm with the aid of Bill Oliver as new Chief Exec - the management is very hands on and proven. SC controls around 44% and this will have to be diluted at some stage. This may then attract the spotlight for a short while in the city with small cap institutions and open up the doors to any predators who have been keeping a back seet. The race course stake looks very interesting also. The written in book value seems a large discount to the markets view. This is an interesting company to be a shareholder and has performed well this year in an otherwise difficult and disappointing market.
piceman
28/10/2002
10:12
Can anybody tell me why MM's pushed price down -1.5 to - 2p on three out of five openings last week, the prices stayed down regardless that no stock was sold all week today we have buying that would have pushed most stocks 5p up, but not even a wink from MM's why do we allow MM dictatorship? for eg look at EPIC Group (EPI) this morning it opens +4p and rises to +6p and all transactions are sells?
two palms
14/10/2002
14:46
Large trades but no movement . Any suggestions ?
capercaillie
25/7/2002
07:37
Trouble with the current market is that the good news with a relatively small stock is swamped by all the turbulence . Good numbers nontheless .
capercaillie
23/7/2002
23:25
Another quiet day.... 33% increase in pre tax profits dividend up 19%
mrbt
23/7/2002
15:30
Very pleased with interim results. Whilst pbt and div in line with forecasts Chairmans comments seem short and relaxed, almost as if the full years earnings are already in bag. The development of this small property company, midland based, into a larger concern with national exposure over the last ten years shows a good track record of a company that understands it's market. Know your market! There are 110m shares in issue and some of the larger property companies may see this as an attrative acquisition. Personally I wouldn't like to see any takeover because whilst shareholders would be better off short term, I believe they would lose out on the built-in growth to come over the short, medium and long term. No doubt SC would take some convincing anyway. Earnings per share up 35% and in these markets thats exactly what the game is about. I would expect to see some interest over the coming week in SMP trading where typically the stock runs a little after the fig's before a 4 month rest? Good news on a bad day - surely the papers can't overlook this one.
piceman
17/7/2002
22:22
I think figs are due on the 23rd July. I decided to top up today.
mrbt
17/7/2002
14:33
Fig's due next Thursday (25th July) and looking forward to trading update. Previous upbeat statements from Chairman s/b fulfilled and continous. Stock eased first time yesterday having held well in recent mkt falls. Good fig's can encourage buyers that will turn the price back up in a tight sml cap mkt. Will update my view post fig's.
piceman
25/6/2002
22:11
Any news on this one ? Seems a good defensive play at the moment . Has very little coverage .
capercaillie
11/5/2002
10:12
Decided to jump on board a couple of weeks ago . Had nothing previously in this sector . Seemed one of the better options .
capercaillie
09/5/2002
22:01
At last a little interest. Average 17% growth per year sounds ok to me.
mrbt
09/5/2002
14:33
stock trading at small premium to official NAV. Historically traded on higher premium though. Recent trading update suggests this years profits already bagged with another record year on the cards. Stakes in the racecourses are valuable and if floated off could realise valuable exceptionals. Div increase of 5% compound on reasonable yield makes further attraction. I don't see a great deal of downside from here and only realistic goals over the next two years being achieved without undue risk.
piceman
21/3/2002
22:37
Better sit tight then for a bit .
capercaillie
21/3/2002
22:12
Chart says if it drops below 130p then sell before it hits a pound.....
logica2me
21/3/2002
22:05
I'm not a holder, but share price was at c.107p early Feb and rose to current levels as results came out. Looks as though the results were already reflected in the share price, so short term, I think these are still heading downwards by a few pence, due to profit taking and MMs marking down.
itsourpete
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