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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Summit Properties Limited | LSE:SMTP | London | Ordinary Share | GG00BJ4FZW09 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.60 | 0.45 | 0.75 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
16/9/2019 11:16 | Results soon - may give the share price a boost. | jeff h | |
16/9/2019 08:18 | According to this ; the Summit portfolio, in contrast to Dream, has a vacancy rate of 7.3%, a net yield of 5.4% (end 2018) and a weighted average unexpired lease term of 10 years.Bit similar but better. | davebowler | |
16/9/2019 08:11 | Liberum; M&A activity highlights demand for German commercial property Mkt Cap £489m | Prem/(disc) -40.3% | Div yield n/a Event Funds managed by Blackstone have agreed an all-cash transaction to acquire all of Dream Global REIT's assets and subsidiaries for CAD$6.2bn. The price represents a 9.1% premium to the June 2019 EPRA NAV. Dream Global REIT owns a portfolio of predominantly multi-tenanted office properties with a value of c.€4bn at 30 June 2019. The majority of the portfolio is located in the Top 7 German cities. The portfolio has a vacancy rate of 7.3%, a net initial yield of 4.7% and a weighted average unexpired lease term of 4.8 years. Liberum view The acquisition highlights the strength of investment demand for German commercial property. Total investment volumes for commercial properties in Germany totaled €24bn in H1 2019. This was slightly down on the prior year although is mainly due to a shortage of supply. Investor demand remains high due to positive market fundamentals. Yields for city fringe and secondary locations continue to compress due to a lack of supply of investment properties. In our view, the transaction illustrates the value offer by Summit Properties (40.3% discount to NAV) given the portfolio similarities. | davebowler | |
06/9/2019 08:04 | DB: Useful info in the presentation. New income streams coming on completion of builds 2020. I have sent email to Summit asking for timetable of when results likely to be issued and dividends declared. | alpal2 | |
05/9/2019 13:38 | Just spotted this on their website; | davebowler | |
30/8/2019 16:38 | htTPs://masterinvest | davebowler | |
30/8/2019 13:46 | Why does Liberum not mention 'dividend'? Last year the company declared a dividend on 9-Aug-18. Now no-one even mentions 'missing'dividend for 2019. Have only bought into this recently so, am I missing something? | alpal2 | |
30/8/2019 11:15 | Liberum; Summit Properties 6.5% NAV growth in H1 Mkt Cap £481m | Prem/(disc) -42.5% | Div yield n/a Event Summit Properties' NAV at 30 June 2019 was €2.02 per per share, representing a 6.5% increase for the period. The return was driven by a combination of recurring earnings and a €39m revaluation gain in the half-year. Rental income received in the quarter of €40.5m was 29% ahead of H1 2018. Funds from operations (FFO) have increased by 35.2% to €26.9m (H1 2018: €19.9m) including €1.6m from residential development profits. This is in line with previous guidance of €51-56m of FFO for 2019. The company has also reported stable occupancy of 92% across the portfolio (excluding properties held for redevelopment). Liberum view Summit Properties' trading update for H1 2019 has confirmed the company is on track to deliver a significant earnings uplift in FY2019. We calculate recurring earnings of 8.5 cents per share in FY2018 after stripping out residential development profits. The run-rate implied by H1 2019 suggests Summit will increase recurring earnings by c.24% to 10.5 cents in 2019 (excluding residential development profits). The portfolio also benefited from ongoing investment demand for German commercial real estate despite lower GDP growth projections for Germany. Yields for city fringe and secondary locations continue to compress due to a lack of supply of investment properties. The sharp contraction in the export-orientated manufacturing sector has driven the slowdown in growth expectations. The services sector accounts for over 70% of GDP and employment and the performance of the services sector has remained resilient. The average vacancy rate across the Top 7 German cities has dropped to 3.3%. Summit's discount to NAV of -42.5% is unwarranted in our view given the quality of the portfolio and the sustainability of double-digit NAV returns. A combination of stable recurring income, asset management potential (reversionary upside, low capital values) and positive market fundamentals underpin our view that Summit will continue to generate attractive returns over the medium term. | davebowler | |
30/8/2019 07:40 | NAV increase looks fine; 7.7% in six months. Should we ignore other numbers as I don't understand how EBITDA €64m can be more than Gross Profit €39m. Will appreciate a meaningful analysis of the numbers. Anyone? | alpal2 | |
30/8/2019 07:31 | NAV and EPRA NAV per share of EUR 1.81 and EPRA NAV per share of EUR 2.02 ( Compared to 31 Dec 2018: EUR 1.68 and EUR 1.89) 92% occupancy over the portfolio's majority and 91% including properties for re-development (92% and 90%, respectively as of 31 December 2018) | davebowler | |
27/8/2019 15:14 | I can't explain it, other than the excitement surrounding the services office sector (where Sirius are strong) - like WeWork in the U.S. | davebowler | |
27/8/2019 08:48 | Timing of when can we expect next RNS / report / dividend? | alpal2 | |
27/8/2019 08:39 | DB: Any suggestion as a reason for the discrepancy in market valuations of SRE vs SMTP/PSDL. The Summit portfolio seems more closely aligned to Sirius that PSDL. | alpal2 | |
27/8/2019 07:58 | SRE hit a 52 week high last week and traded at a 9% premium to NAV whereas both SMTP and PSDL are at at a 30 odd % to NAV. | davebowler | |
21/8/2019 14:34 | Last year dividend declared 9-August. Silence this year? Wait till end of month for preliminary half-year report? | alpal2 | |
21/8/2019 12:23 | Hi alpal2, best to read both respective threads SMTP and PSDL.You will find the answers there. | davebowler | |
20/8/2019 16:44 | DB: Can you clarify Summit reporting. Are we due RNS updates etc before end Aug? When is next dividend declaration expected. Your best guess of current share price discount to NAV? PSDL: What's driving this down? | alpal2 | |
20/8/2019 15:26 | Sirius Real Estate hit an all time high today.Plenty to go for here. | davebowler | |
19/6/2019 10:13 | Liberum; Event Summit Properties has agreed the sale of a German office building for €225m representing a 7.9% premium to the book value at December 2018. The property had a passing rent of €4.6m, reflecting a gross passing yield of 2.1%. Liberum view The office property was one Summit's largest, accounting for 14% of the overall portfolio value. We calculate the sale will add 3.6 cents or 1.8% to NAV. We believe the property that was sold is the Osramhöfe office asset in Berlin. The property has experienced material valuation uplifts in recent years due to rental growth potential. The property offered considerable remaining upside but would require quite a high level of capex in order to drive further growth. The sale enables the company to crystallise gains and recycle the capital into higher yielding assets. The disposal demonstrates the depth of investment demand for German office properties and the quality of the assets in the portfolio. Summit's discount to NAV is 30 percentage points wider than the average for peers (Alstria, TLG Immobilien, Aroundtown SA, Dream Global Office REIT and Sirius Real Estate). We believe this is highly attractive given the quality of the portfolio and the sustainability of double-digit NAV returns over the medium-term driven by stable recurring income, asset management potential (reversionary upside, low capital values) and positive market fundamentals. | davebowler | |
17/6/2019 11:36 | alpal2 ''I'm slowly switching from Phoenix Spree to Summit. Hope it's wise!'' Stroke of luck that! However I think PSDL is a bargain again. | davebowler | |
08/6/2019 09:38 | Longer graph here showing the true picture over the last 5 years by linking the old name up to the new - | davebowler | |
03/6/2019 14:14 | I'm slowly switching from Phoenix Spree to Summit. Hope it's wise! | alpal2 |
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