Tritax Eurobox Share Discussion Threads

[williamcooper104] 14/8/2023 17:38

The 2026 bond yield has come down over last three months from an eye watering 7.1 to a still steep but less alarming c5.7 At 87 cents and 5.7 it's accretive to sell assets at a c4.5 cap/c3.75 earnings yield and buy back debt Enough of that and the share price will re-rate and the divi come 2026 may not be cut (or only lightly trimmed - they really ought to not distribute 100 percent of EPRA EPS)

[makinbuks] 14/8/2023 17:35

Nick and William, excellent points

[williamcooper104] 14/8/2023 17:32

Quarterly red book NAV not much bothered about But an update on EPRA EPS would be useful along with general info

[nickrl] 14/8/2023 17:16

Not bothered about NAV at qtrly intervals but always good to know the state of the nation on lettings, capex spend and state of borrowings when floating rate RCFs are being used.

In the case of EBOX they do have an extraordinary low cost of debt lets hope rates are well down by the time that E500m at 0.95% comes up for renewal in just under 3 years time.

[makinbuks] 14/8/2023 16:08

Sky, If you actually owned a portfolio of commercial properties would you really ask your estate agent to value them every quarter for you? I don't think in a long term investment like this that makes much sense. On the other hand, I have to agree with you that people seem to like it. Some of my PE trusts are even giving monthly updates. I guess it gives confidence

[skyship] 14/8/2023 14:41

Ed - precisely. I would like to see a Qtly NAV; and that may well happen. But in the meantime, the news-flow is extremely reassuring as we all bathe in the 8% yield.

[edwardt] 14/8/2023 14:31

decent update. the nav here might be real after all...

[speedsgh] 10/8/2023 11:56

ASLI - SERE

[hindsight] 10/8/2023 11:45

Yes these are paid gross
Does anyone know of any others gross ?, all I know of otherwise is IT TRY

[sleepy] 10/8/2023 10:35

Thanks speedsgh

[sleepy] 10/8/2023 10:22

Is the quarterly dividend of 1.25 cents paid without any tax deducted? ie paid gross?

[williamcooper104] 09/8/2023 16:24

Yep - agree that a quarterly update would be useful and intend to drop a line to their IR

[skyship] 09/8/2023 15:08

See 26-29mins into the 2022 Results Presentation - link in Header. States very well why the existing dividend is very secure; and could even be an increase ion the final qtr divi.

Wc - Glad we are agreed about the great value here. do you agree with my earlier view re a Qtly NAV update? Any chance of that would you say?

[nimbo1] 09/8/2023 14:48

I own these, SUPR, BBOX, DGI9... all might do nothing but from these prices it's a very good yield to be paid to wait.

[williamcooper104] 09/8/2023 14:40

A large part of the extraordinary cheapness is due to their equity costing more due to perceived debt risks (don't bother arguing that that's irrational it's what the market is pricing) But delever then even if the divi is trimmed you'll likely see a re-rating of the share price That and hopefully Abdrn get round to merging this with ASLI (easier to do when both have similar debt levels) as that would further reduce their cost of equity

[williamcooper104] 09/8/2023 14:37

If they sold it at 4.45 - that's post management fees c3.3ish unlevered earnings yield Their debt that becomes uncapped this October will likely cost more than that For me it's the earnings yield you're buying in at - c12.5x is v cheap That and the implied property yield and value psf (or per sm for Europe) also scream cheap There's for sure a risk that the divi gets cut and indeed it really ought to be "right sized" but on a total return basis, EBOX is unusually cheap

[williamcooper104] 09/8/2023 14:31

4.45% NIY apparently Implied yield is c6-6.3

[skyship] 09/8/2023 11:43

If the income was less than the financing cost, as in this case, then for sure dividend can be maintained.

They stated it would be as there are many rent increases and asset management initiatives raising revenues.

41% discount & 8% yield. Cheap as chips at 54p!

[makinbuks] 09/8/2023 11:37

The big question is can the dividend be maintained if €150m of assets are disposed of

[makinbuks] 09/8/2023 11:34

Anyway, good news that they can support the NAV and reduce the debt issue

[makinbuks] 09/8/2023 11:33

Precisely, state the facts and let us judge whether it broadly in line

[garbetklb] 09/8/2023 09:29

Wouldn't it be great if they could tell us the valuation, rather than the annoying City speak for "a bit below".......

[skyship] 09/8/2023 07:49

A positive piece of news today:
------------------------------

Sale of asset in Hammersbach, Germany for EUR64.6 million

Tritax EuroBox plc (the "Company"; tickers: EBOX (Sterling), BOXE (Euro)) has successfully exchanged contracts for the sale of its warehouse asset in Hammersbach, Germany for a price of EUR64.6 million to a leading pan-European real estate investment manager. The sale price is broadly in line with the valuation as at 31(st) March 2023.

[cwa1] 08/8/2023 15:53

You rang? ;-)

The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)) has today declared an interim dividend in respect of the period from 1 April 2023 to 30 June 2023 of 1.25 cent per Ordinary Share, payable on or around 8 September 2023 to shareholders on the Register on 18 August 2023. The ex-dividend date will be 17 August 2023.



0.56 cent of each 1.25 cent dividend per Ordinary Share will be designated as interest distribution.