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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tritax Eurobox Plc | EBOX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 48.30 | 16:35:11 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 47.85 | 47.50 | 48.40 | 48.30 | 48.30 |
| Industry Sector |
|---|
| REAL ESTATE |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| Interim | USD | 0.0125 | 24/02/2024 | 14/03/2024 | ||
| Interim | USD | 0.0125 | 14/12/2023 | 12/01/2024 | ||
| Interim | USD | 0.0125 | 17/08/2023 | 08/09/2023 | ||
| Interim | USD | 0.0125 | 25/05/2023 | 23/06/2023 | ||
| Interim | USD | 0.0125 | 16/02/2023 | 14/03/2023 | ||
| Interim | USD | 0.0125 | 15/12/2022 | 13/01/2023 | ||
| Interim | USD | 0.0125 | 18/08/2022 | 09/09/2022 | ||
| Interim | USD | 0.0125 | 26/05/2022 | 24/06/2022 | ||
| Interim | USD | 0.0125 | 17/02/2022 | 14/03/2022 | ||
| Interim | USD | 0.0125 | 16/12/2021 | 14/01/2022 | ||
| Interim | USD | 0.0125 | 19/08/2021 | 10/09/2021 | ||
| Interim | USD | 0.0125 | 27/05/2021 | 18/06/2021 | ||
| Interim | USD | 0.0125 | 18/02/2021 | 12/05/2021 | ||
| Interim | USD | 0.011 | 10/12/2020 | 08/01/2021 | ||
| Interim | USD | 0.011 | 14/08/2020 | 07/09/2022 | ||
| Interim | USD | 0.011 | 28/05/2020 | 15/06/2020 | ||
| Interim | USD | 0.011 | 05/03/2020 | 21/03/2020 | ||
| Interim | USD | 0.01 | 19/12/2019 | 15/01/2020 | ||
| Interim | USD | 0.01 | 15/08/2019 | 09/09/2019 | ||
| Interim | USD | 0.01 | 16/05/2019 | 12/06/2019 |
| Top Posts |
|---|
Posted at 03/4/2024 08:13 by riverman77 The 500m EBOX green bond which is due to refinance in the next year or so is on a very low rate (below 2%) - even if they refinance at 4.5% then this will still take out a big chunk of their earnings - we could easily see a third of their EPRA earnings wiped out, although this could be offset by rental reversion. I ran some calculations on this a few weeks ago and made me a bit more cautious on EBOX and explains why they are so sensitive to rates. |
Posted at 28/2/2024 14:42 by skyship No. SGRO on c10% NAV discount whereas the Euro equivalents all trade at their NTA NAVs or above:# Argan (argan.fr): Epra NTA E79.1; Sp E81.0. Yield 3.9% # Montea: Epra NTA E74.4; Sp E76.5. Yield 4.3% # VGP: NTA uncertain, but trading at a Premium. Yld 3.5% Thnx to Charles Chalkly, the very helpul IR at EBOX, for providing names of Euro players. All much larger than EBOX with MCaps of cE1.5bn. But shows the absurdity of the UK-listed REIT valuations; especially EBOX. Let down in no uncertain terms by the UK investment managers. |
Posted at 26/2/2024 09:41 by hpcg I thought it was a good post too. It relates to a question I was going to ask to, really at, the regulars on the fixed income thread. We are starting to see some bond-proxy funds raise their dividend, GSEO and SEIT last week. Those raises are not keeping up with inflation by any stretch, but that is substantially better than a permanent preference share where both capital and dividend decline in real terms year after year. To retain real value the inflationary part of the return must be reinvested. Even with high sounding headline interest rates those instruments offer nugatory returns. Back on topic, at least rents will grow over time, specifically this sector, not more generally in property, and so once the interest rate bump up has been digested the longer term, if one enters at an appropriate price, the dividends should maintain real value. |
Posted at 09/2/2024 10:14 by riverman77 When I say interest rates I really mean market interest rates not the policy rate, and my expectation is for corporate bond yields to fall sightly over the next year or so, which should be good for EBOX. However, EBOX are not reliant on this and could still comfortably refinance at current market rates.Complete panic talk from Pyufak - EBOX are not financially distressed and in a worst case scenario may have to rebase dividend (eg 20% cut which arguably already priced in and would still give a 7% yield). The commercial property funds you mention may need to sell physical properties to meet redemptions - they're not going to be selling EBOX! EBOX is a closed ended fund so will never be a forced seller. Obviously all this could change if interest rates shoot up much higher to say 6%, but as it stands and with inflation coming down there's absolutely no reason to expect this. |
Posted at 09/2/2024 09:41 by pyufak okay, I have more than made my point the past two days. Summary, since the Oct lows risk assets have rallied hard and funding rates have dropped dramatically. I agree with the commentary here there's a path for EBOX management here to secure a reasonable rebased dividend but I have at length highlighted if you passively 'hope' rather than take action we risk running into a mess and my patience is wearing thin ... as it seems by the share price is that of a lot of other investors.I read on bloomberg terminal an article just launched - 1bn pulled from European commerical property funds in Jan; some funds considering gating. This could mean they have to sell what is liquid which would be things like EBOX. This is exactly the sort of mess I am talking about if we have to sell assets or refinance if it gathers pace... and i know not all commercial property is equal but in a panic people throw out the good with the bad |
Posted at 09/2/2024 09:23 by riverman77 The 500m green bond matures in 2026 so hopefully interest rates have come down a bit by the time they need to refinance. However, assuming they don't and EBOX need to pay an additional say 4% on top of what they currently pay then this be an extra 20m in interest payments. This would obviously hit earnings quite hard, although EBOX estimate around 20m of additional rental income can be achieved over the next few years (see latest presentation) through mixture of reversion, indexation and development. The dividend is also currently 1.1x covered so this also gives them a slight cushion. Putting all this together they should just about be able to maintain dividend if they choose to, even if it is slightly uncovered for a time. |
Posted at 08/2/2024 13:25 by pyufak ah here I was hoping to see some insightful chat or commentary on EBOX in a flurry of posts but alas ;-)was wondering whether to top up or exit purchases from Oct. Decided in the end to do nothing; it was a close call to stick with it rather than exit. I think the company has little option other than to continue the asset sale programme (I would like to see much more aggressively); place proceeds into a money market euro fund or buy the 2026s bond. They have announced a minimum of 150m sales (130m executed) so they can continue well above this. They only have 21 sites so selling one or two of the top 10 even if a bit below book value would bring material confidence to the valuation and reduce the refinancing concerns even if it does hit the dividend - a dividend rebase I'd argue is in the price. What makes me nervous is I'd like to see decisive action from the management team to cut the circularity of the refi / valuation link - instead EBOX holders are just long 5y European credit yields squared / cubed (whatever power you want). I don't call selling 130m to sort the RCF out as decisive when we have the 2026s bond looming. Until they take the plunge and sort this out I don't see any relief for EBOX. I take comfort at the current discount to NAV and if it truly gets messy I think a European real estate investor with deeper pockets, better funding profile and has money to invest like Blackstone etc comes and takes them out. The issue the management team face is by taking proper action to sort it out probably leaves us with a company which is a stronger going concern for shareholders but lower IM fee and more likely to be taken out anyway... shame; they're in a fair old pickle to my mind and far too passive about it while the market worries on their behalf (we can see this in the share price) |
Posted at 05/2/2024 22:32 by meanreverter Something is odd about the EPIC for Tritax Eurobox. On Google, ADVFN, and Yahoo, it is EBOX; on InvestEgate it is BOXE; on LSE and DividendData you can find the company under both EBOX and BOXE; and on London Southeast, BOXE is recognized, but leads only to the company's share price in euros, while the site is fully functional for EBOX.If you use InvestEgate, as I do regularly, you will need to use the code BOXE. |
Posted at 02/2/2024 17:12 by chucko1 I was being avant-garde picking a later period.Last time EBOX was at 49p, the 10 year EU Swap was at 3.14%. It is now at 2.63% even after the 8bps move of today. Alternatively, when the 10yr swap rate was (severally) at 3.14%, prices of EBOX were 52.3p, 56.9p, 60.8p and 58.0p (the 4th one I have dividend adjusted). The price of EBOX on this quite simple basis is way out of tune. |
Posted at 02/2/2024 08:57 by skyship Interesting to read everyone's comments in December from P.1200 onwards.Many of us bought before the lows; added around the lows...then profited as EBOX set off on a 33% upward run to 60p+. IMO - time to be buying back in again; or miss the boat. This was one of Ken's posts at that time (1206); NB - "the best time to buy..." ==================== Congratulations SKYSHIP on your justified conviction about EBOX. We now know it was crazily oversold down at 45p. Unfortunately I’ve a similar rule to SKYSHIP but not just like him no more than 10% in any one share or Investment Trust but also a maximum stake on a share and Trust too, so my top up at 45p had to be modest after the main buy around 55p. When, as has happened with bb comment here and on other REITS, comment is very negative, people sometimes forget to question whether that bad news and the negatives they cover, might already be priced in. So often with quality shares and Investment Trusts, it turns out that the best time to buy is when sentiment and comment and the share price is dire. Buying bombed out shares and Investment Trusts has been my preferred tactic for many years and it has worked far more often than not. Where I differ from some is that once I’ve bought a high yielding share or REIT I tend not to trade it but unless news suggests it’s right to sell, I then hold and collect the dividends for multiple years. That works too. e.g AEWU bought in an even worse REIT downturn in 2020 at 63p to give 13% annual yield even without that 50% share price gain on top. I just accept that the capital gain will reduce in dips like the recent one, but so what as long as that big dividend is held. |
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