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SMTP Summit Properties Limited

0.60
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Summit Properties Share Discussion Threads

Showing 26 to 47 of 150 messages
Chat Pages: 6  5  4  3  2  1
DateSubjectAuthorDiscuss
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://masterinvestor.co.uk/financial-news/summit-properties-on-the-rise-as-rents-improve/
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
Chat Pages: 6  5  4  3  2  1

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