Tritax Eurobox Share Discussion Threads

[williamcooper104] 12/5/2023 09:24

The implied yield last I looked was about 6.2 Market for prime European logistics is still being priced at around 4.5 v c5 in the UK So the assets are cheap; even on the book value of this asset 4 for uncapped CPI doesn't look horrific The debt on the other hand starts to get expensive in a few months when €150m of caps expire It's a case of buying cheap assets, muddling through with no divi growth for the foreseeable and with the risk of a cut - a cut if it happens is more likely to be a trim than a butchering

[donald pond] 12/5/2023 09:06

If my sums are correct that's still a gross yield below 4%. I know debt is cheap until 26, but they are having to work very hard for not much.

[spectoacc] 12/5/2023 08:53

Rare indeed :) Would prefer RPI, the inflation we all grew up with, but not sure that exists on the continent.

[makinbuks] 12/5/2023 08:52

Spec, I assume you applaud the 100% CPI link! Rare

[skyship] 12/5/2023 07:33

Fewer problems over on the Continent. Looking forward to next Thursday's Interims which should underline the value here. 46% discount; 6.7% yield.

[spectoacc] 12/5/2023 07:09

Positive. Could do with a few more of those from EBOX.

[skinny] 09/5/2023 07:05

NOTICE OF HALF YEAR 2023 RESULTS

Tritax EuroBox plc (ticker: EBOX (Sterling) and BOXE (Euro)), which invests in high-quality, prime logistics real estate strategically located across continental Europe, will announce its results for the six months ended 31 March 2023 on Thursday 18 May 2023.

Presentation for analysts and investors

A Company presentation for analysts and investors will take place via webcast at 9:00am (UK time) on the day. To view the webcast, which will also provide the opportunity to submit questions, please register at:

[skyship] 25/4/2023 08:58

Wc - many thanks for posting that. As you say, certainly a long article, but also certainly reads well.

Like these paras:

"In terms of the business, back in December, when we announced our full-year results, we set out a number of key priorities, which included a focus on trying to grow income from the existing portfolio while also looking at ways to lower costs. This was all about operational improvement, aimed at making sure that we could provide our shareholders with a covered dividend for 2023. I’m pleased with the progress we’ve made and I’ll talk more about that in the upcoming interim results."

&

"Our portfolio is characterised by a long WAULT, large, modern buildings, and financially strong tenants. That said, we like to have some exposure to a range of buildings and shorter leases. This provides opportunities to take a building back and re-lease it following a refurbishment where we can add value and take advantage of the rental growth that is going on in the market with the strong occupational side."

[skyship] 24/4/2023 10:56

Likewise - don't see any tip. Think Nov31 may have got it wrong - he is an irregular poster.

[riverman77] 24/4/2023 09:20

Can't see any tips in the Times, do you have a link? Normally the price moves quite sharply when they tip smaller under the radar companies, but no reaction so far.

[cwa1] 24/4/2023 09:18

Thanks. Any chance of a link?

[nov31] 24/4/2023 09:12

Tipped by The Times

[jitters3] 20/4/2023 19:42

Yes that's how I bought my tranches with AJB

[perfect choice] 19/4/2023 23:08

The Sedol number is fine with AJ Bell have used that to search and buy EBOX

[skyship] 19/4/2023 20:47

I hold with AJ Bell (YouInvest). True, sometimes have to use SEDOL rather than EPIC.

[calaban] 19/4/2023 17:34

I had trouble buying through AJ Bell some while ago. Didn't list EBOX by epic code and wouldn't trade BOXE. Eventually found EBOX through the SEDOL ( BG382L7 ). Could try that I guess?

[williamcooper104] 19/4/2023 17:30

The currency risk is the same; you don't avoid the currency by holding EBOX over BOXE Advantage of BOXE is if you are buying on margin (which will reduce currency risk though give its own set of risks/rewards) then you get cheaper euro loans

[skyship] 19/4/2023 16:56

betman - there has been past debate about BOXE & EBOX. Very annoying for you if you have to go the BOXE route - absolutely no reason why your provider shouldn't offer EBOX.

[skyship] 19/4/2023 16:55

God to read something positive:

[betman] 18/4/2023 10:16

Apologies for ignorance EBOX is priced in £ and BOXE in Euro. Are there any major differences ( other than the currency risk ) between the two to be aware of before investing. It looks like I am constrained to buying BOXE

[rathlindri] 12/4/2023 14:20

Rebounding nicely

[alan pt] 30/3/2023 15:35

Despite my general misgivings, EBOX seems one of the better targets, so I bought in gradually this week

I always preferred the ASLI strategy and portfolio, but I think they bought too much at the top of the market, the more gradual build out of the EBOX portfolio has left them in better shape

[hindsight] 30/3/2023 10:54

It has a pipeline,albeit small, why LTV going to 40.6%

All about NAV landing zone, the market is pricing in ~25% fall to leave a ~10% share price discount to NAV at present. Personally think 25% is enough now with the fixed debt time delay to allow some of the other side of the coin ie benefits of inflation to feed in (rents, build costs) and nibbling on weak days


At the year end, the Company had total debt drawn of €11 million. This resulted in an LTV ratio of 35.2% (30
September 2021: 13.3%), with €239 million available undrawn debt. Taking into account the Company’s capital
commitments on its development and asset management projects, the proforma LTV increases to 40.6%. The
Company’s financing is well insulated from rising interest rates in the short term, with no maturities before Q4
2025, 73% of its total debt capacity fixed, and the part floating benefiting from interest rates caps limiting the rise
in Euribor to 0.65%. These interest rates caps are maturing in October 2023