Tritax Eurobox Share Discussion Threads

[hindsight] 26/6/2023 14:42

Got filled for few more today

Might be of interest

[joey52] 26/6/2023 12:57

It doesn't show up on AJ Bell, unless you use the sedol number.
Halifax doesn't show at all, even as its FTSE 250 company, its classed as professionals only share and you have to go hoops to buy it.

[nickrl] 26/6/2023 12:48

ii only has this tradable as BOXE which looks a slightly worse price than what EBOX is quoted as. Is it traded as EBOX on other platforms?

[donald pond] 25/6/2023 21:39

Hugh Hendry on Bloomberg was good. He said you can only grow GDP in 3 ways - immigration, productivity (in other words, investment) or debt. Because the yuan is massively undervalued there is no point anyone in the west competing with China on productivity. So all we can do is take on debt to keep the plates spinning. But he said central bankers had not understood this. They are following the 80s playbook when economically, China didn't exist. I certainly struggle to believe that there is excess demand driving our economic growth of 0.2% that desperately needs to be stamped out or that the global price of energy and food is linked to the U.K. interest rate.

[nickrl] 25/6/2023 20:58

Have consciously avoided non sterling denominated REITs but have taken the lid off this one having read various comments above and there isn't a lot not to like. Only immediate negative is the SWAP on the RCF rolls off in Oct23 which will jack up interest charge by E3-4 based on current value drawn. However, that will be covered by additional income already baked in so shouldn't impact divi cover unless Mademoiselle Lagarde keeps jacking up rates. The E500m bond at 0.95% must be the lowest cost loan in our peer group just as well it has 3 years left.

Am tempted but suspect Fridays low will be a short term aberration come tomorrows opening.

[kenmitch] 23/6/2023 17:50

Thanks for the well argued reply SpectoAcc and I agree with a lot of it, including not really knowing a better alternative solution.btw, I also ticked it, but the ticks never record when I’m using an iPod.

Bear in mind though that a key reason for the sudden rise in inflation was the high energy prices thanks to Ukraine war, and those pressures have eased at least for now. But that was initially the reasoning behind the ever higher wage demands now leading to the dreaded wage/price 1970s style wage/price spiral.

Again this isn’t the group think, but an obvious solution would be to end the terrible Ukraine war asap. It’s basically a civil war and there is a long history of wars between Ukraine and Russia and Stalin murdered millions of Ukrainian Kulaks when they dared to resist his collectivisation agricultural policy. And both are among the most corrupt Nations too.

It’s not as if the UK and USA are blameless in invading Countries for very flimsy reasons. The danger of escalation is real, and what if Putin sabotages our internet or resorts to other terrifying and wealth destroying revenge methods?

So imo the sooner common sense takes over and a peace compromise reached the better. The alternative of continuing the war and how Putin behaves if Ukraine looks like winning is frightening. As is the dream of Putin being overthrown; he might be but for someone or a group even worse!

An end to that war could well mean energy prices staying around where they are now, and that will help bring down inflation, and probably ease the pressure for ever higher wages and salaries too.

[hindsight] 23/6/2023 17:40

Doubled my albeit small holding here today with some sere sale proceeds

[spectoacc] 23/6/2023 17:20

Nope.

Yes, employment is the problem, agree with that. But I honestly don't know how to deal with it other than a 1990's recession.

You can't get through the 7.3m NHS ops backlog (c.5m people) without filling vacancies - how do you do that?

You can't deal with the 2.5m on the sick without same.

E Europeans - immigration has risen, with associated pressure on housing, rents etc.

So you have to cause a slowdown, recession, bankruptcies, unemployment. Isn't pleasant, but how do you do it other than with higher interest rates? Taxes are already nuts.

The only valid argument I see for the doves - of which, compared to the market's possible 6.5% IR peak, I'm now one - is that the transmission mechanism has been greatly delayed due to fixed rate loans. Ergo, 5% may be high enough to cause the recession that's needed to counter inflation.

Nothing else works. Not price controls, not trying to get the sick or retired back to work (without needing more employees to do it). Countering the oligopolies would be handy - as you say, all the supermarkets are at it, protecting margins and being able to attract staff through higher pay.

But that's true of many sectors, as everyone still seems to have so much spare cash. I didn't expect the consumer to last out January. Instead, we've got a wage-price (or price-wage).

Bought SHED, LXI, EBOX today, and averaged SUPR (again), but there's a clear case for early 1990's and it was an absolutely dire time, lasting years. It's at least a possibility, when underlying inflation is running at 8.7%.

Ultimately, there is just too much money around, and it has to be destroyed one way or other - QT, IR, asset price falls, and of course - inflation.

[kenmitch] 23/6/2023 17:14

Can’t believe it’s fallen this far! Now way below previous multi year low and falls accelerating, and across the sector. I resisted topping up but can’t fathom why non UK EBOX is getting hit so hard. Explanations anyone?

Separately there was little follow up to my strongly held opinion that on interest rate rises the facts have changed so that they are no longer working as they used to.

In the past it worked. Interest rates up…….feeds through to more unemployment, which means less pressure for wage increases, cools economy etc etc.

Now!

1. Millions not working either by choice, or long covid, or pretending they’ve got long covid because they loved being on holiday during covid, many more very unwell and not working, thanks to cancer and other emergency treatment backlogs; Brexit and reduction in East Europeans prepared to slave in fields and factories here for low pay etc.

Will raising interest rates control supermarkets and their suppliers putting up prices far more than needed in order to improve their profit margins? e.g even LIDL and ALDI have played that game. LIDL BATTS salad cream and tomato sauce (far better than Heinz imo) used to be 45p and Heinz about £3.20. Now their BATTS is on offer at 79p and down from 89p and in a smaller tube! That’s an increase of over 100%.

Put interest rates up to 10% and STILL all these points will apply and still wage demands will be high or higher still and still millions not working who would have worked in the past still won’t be working. And mortgage repayments will go ever higher. That’s just as likely to lead to even higher wage demands than a solution to rising inflation. Arguably dividend cuts could be a better alternative.

Now hard hat on, as the vast majority always seem to go with group think, even when it’s patently obvious that group think is flawed.

[spectoacc] 23/6/2023 14:34

For anyone who doesn't see a recession coming, and sees inflation tamed without need for higher rates, some interesting prices atm:

EBOX as mentioned. Also API 46.5p, WHR under 80p, LXI 85.5p, SUPR 73p, SHED £1.16.

Only in one of those - the largely recession-proof SUPR - but still losing on it.

Good luck all - really doesn't feel like we've had the panic fall yet, but who knows.

[skyship] 23/6/2023 14:27

No...for a covered 8.2% yield!

[alan pt] 23/6/2023 12:54

Indeed, just had a chunk more at just under 53p, for a covered 8% divi

[badtime] 23/6/2023 12:52

It's slipped :(

[skyship] 23/6/2023 06:57

A quick look at the CP+ Header will indicate...

[giltedge1] 22/6/2023 23:19

A list of REITs at all time lows since IPO. I think SUPR another.

[skyship] 22/6/2023 21:18

? - Explain pls...

[giltedge1] 22/6/2023 19:24

Is this an ATL for Ebox £0.547, looks like a growing REIT ATL club, ASLI, UKCM... any others?

[gary1966] 22/6/2023 14:57

Effect of GBP/EUR given that rates are likely to stay elevated in the UK for longer due to inflation?

[skyship] 22/6/2023 11:07

Made a final top-up at 54.91p - 39.9% discount & 7.9% yield.

Have a 9.3% allocation versus a 10% self-imposed max; though I've actually slightly exceeded that 10% in both API & SREI. So could go back for more if they slip further!

[chucko1] 22/6/2023 10:36

Appalling or appealing? Depends on one's risk focus/acumen.

[spectoacc] 22/6/2023 07:00

Appalling or appealing, the joy of the market.

Can't say I'd be short here, tho not a holder for recession outlook.

[riverman77] 21/6/2023 16:34

Some may say appalling, I'd say great as gives me chance to top up very cheaply.

[hugepants] 21/6/2023 16:29

7.8% yield and 39% discount.

Some others on similar metrics but ebox has a covered divi and as noted above interest rates less onerous in euroland.

[hugepants] 21/6/2023 16:26

Now on the key 55p level. This is appalling.

[williamcooper104] 21/6/2023 10:04

Sorry to match sterling liabilities