Tritax Eurobox Share Discussion Threads

[danb45] 29/6/2023 20:08

yes that's what I concluded - but why do that ? could they have gone half short themselves ? like someone else says it's a bit late to the party ? (I hope)

[alan pt] 29/6/2023 19:29

@CC2014 That was my reading. But odd for someone to choose to short it now, bit late to the party?

[hindsight] 29/6/2023 19:21

One things for sure
It might be super prime, west end assets
But 4 percent in this market

There lies the conundrum wc104
Its super prime, differcult to replicate, some comparisons
Gold 0%
Bitcoin 0%
Index linked 1% real
Agricultural land 2%
BTL 3%
Big warehouse 5%
Industrial 6%
Retail Parks 7%

Edit, added what i consider real if honest with voids, all own time, etc BTL yield

[cc2014] 29/6/2023 19:15

Aviva lent out half its stock to shorters

[danb45] 29/6/2023 18:40

yes I see where you're getting the figures - maybe I'm reading it wrong - I always go by the figures down the left column - somethings been going on not sure what tbh

[cwa1] 29/6/2023 18:25

Aviva gone from 8.14 to 8.45 per cent if I'm reading it correctly...

[danb45] 29/6/2023 18:21

looks like Aviva sold pretty much half their holding ?

[cwa1] 29/6/2023 16:49

Bit of a head scratcher. Aviva upping a touch and Merril announcing a(large) disclosable stake. Everyone on here seems to be buying :-)...yet the price is on it's knees. I assume one of the bigger holders is heading in the opposite direction and we'll hear about it some time...

[spectoacc] 29/6/2023 16:41

So who's selling? Must be greater than those two for the price action.

[petewy] 29/6/2023 16:39

Cheers CWA1 Aviva upped their holdig

[tonysss13] 29/6/2023 16:39

Merril Lynch discloses 8.8% stake

[spectoacc] 29/6/2023 15:27

@Wc104 - fair point SHC.

Not much of a dcb - and so far not holding - on any of the REITs. Cheap can always get cheaper. May look to buy EBOX again lower down.

[hindsight] 28/6/2023 19:47

Have SHC given a forecast of dividend under the combined entity?

nickrl, all ive seen is a broker forcast of 2.5%

[williamcooper104] 27/6/2023 20:26

One things for sure It might be super prime, west end assets But 4 percent in this market

[williamcooper104] 27/6/2023 20:26

That's true as well - hence why I took their reported NIY as opposed to trying to work it out

[williamcooper104] 27/6/2023 20:23

They report their topped up NIY at 4 (topped up is a silly measure - it's pretending rent frees are only ever granted once - but it's what's used for private market reported yields so it's the right yield to use if you are comparing public implied to private yields - a nuisance I doubt Oxford Economics haven't grasped) Given the 30 percent discount to NAV and debt of just under 30 percent should be closer to 5 SHC has to have the tightest red book yields now that prime logistics are at c4.75-5.25

[nickrl] 27/6/2023 20:14

@hindsight re SHC my take is previous data is of no use now in forecasting future now merger is complete. Have SHC given a forecast of dividend under the combined entity?

[hindsight] 27/6/2023 19:44

Think you will find shaftbury capital < 4.5% on trailing
But agree overall 4.5% seems low

[williamcooper104] 27/6/2023 18:38

You have to calculate what you think the market value is of the property that a US reit holds to get to what discount to NAV they're at

[williamcooper104] 27/6/2023 18:36

Yep But the BLND and LAND are large too and in big discounts to NAV SHC is on a c30 percent discount so hard for their implied yield to be less than 5 The report also compares NAV from euro, uk and US REITs IFRS reporting REITs mark their NAV to market US GAAP REITs state NAV at depreciated cost So you can't do a like for like comparison between then

[hindsight] 27/6/2023 18:09

Yes i just presumed the capitalisation weighted had an effect ie as you say SGRO is large cap and so is Shaftsbury capital, etc
Which then maybe questions thier models argument

[williamcooper104] 27/6/2023 17:37

It is - but there's an obvious mistake They state UK implied yields at 4.5 What can't be right In fact I don't think there's any uk reit at moment with such a tight implied yield - maybe SGRO but that'll be it

[williamcooper104] 27/6/2023 17:25

Thanks Interesting BOXE was my big buy of this sell of Cursed by being listed in the UK

[garbetklb] 27/6/2023 17:00

II will trade EBOX - they claim some sort of data feed issue stops it being offered electronically. So you need to trade over the phone, confirming that you've read the KIID, but at your online trading fee.