Tritax Eurobox Share Discussion Threads

[skinny] 12/10/2023 14:01

Virtually impossible to tell, only shows notifiable shorts and that shows none for EBOX.

[lord gnome] 12/10/2023 13:56

Including Aviva or they would have sold out instead of lending it.

[pyufak] 12/10/2023 13:41

so we don't think this is a new short position or we do? would seem an odd short to set here unless you think there is something we are all missing regarding EBOX...

[skinny] 12/10/2023 13:32

Short position as at end of September 1.96% :-



August 1.96% :-



July 2.24% :-

[makinbuks] 12/10/2023 13:30

Ah OK, yes I agree a brave short

[cc2014] 12/10/2023 12:27

I'd glad you raised that MB as I took a closer look.

They have lent out the shares to someone else. This is 99% likely to be for someone shorting EBOX. That's interesting in itself that someone has decided to short it down here.

[makinbuks] 12/10/2023 12:16

They seem to have sold some shares but virtually replaced in value terms with derivatives. Doesn't that mean they've leveraged a portion of their stake with a CFD? Thats my reading

[pyufak] 12/10/2023 07:57

and our 3m share block seller was ..... Aviva!

[pyufak] 10/10/2023 12:01

Much lower volume today … maybe I speak too soon but could our recent seller be finished. Placed an order in the middle of the spread at 48.6 early doors and priced skipped up to 49.2 bid immediately. Not seen that in a while in this one!

[pyufak] 09/10/2023 20:45

also means no insiders can buy until results on the 5th of Dec. Doesn't justify the lack of buying pre-black out I'd argue. LXI REIT Simon Lee has been loading the boat - must have bought 700k or more and it is great to see as an investor that he's putting his money where his mouth is

[pyufak] 09/10/2023 19:21

Admin: results for 30th September 2023 year end are presented on the 5th of Dec. Any significant news if say a property was sold would be not reflected in the results but would be an RNS and noted in the results commentary.

[skyship] 09/10/2023 16:54

ghhghh - we'll have to wait another couple of months for the Prelims to 30th Sep'23 due in early December.

Only news before then would be news of another sale; but the Interims presentation didn't imply further sales in such a short timescale. Pity as that would certainly be a positive.

[williamcooper104] 09/10/2023 16:33

I had a little short position in it which I closed out last Thursday It did a lot better than thought it would Amusingly it's now effectively a Columbian bank

[ghhghh] 09/10/2023 16:03

When are we expecting the next trading update? Must be reasonably soon.

WC104 - I noted you popping up on the Metro board. Are you a massively relieved bondholder?

[skyship] 08/10/2023 09:37

Nick – let’s dig down into your EBOX comment above, as it exemplifies the common misconception about EBOX – a propco holding a European, not a UK property portfolio.

Firstly, let’s look at the debt:

# E250m is the RCF which is only 44% drawn. With Capex that figure may slightly increase; but it is intended to pay that down through the sale of low-yielding assets. A E65m was announced recently. So we can forget that part of the debt.

# Another E200m matures at an average of 7yrs – Jan’31. So we can forget that too.

# The principal debt is the E500m Green Bond maturing in 2.7yrs time – Jun’26. Clearly that will need refinancing in whole or in part (depending upon asset sales) by mid 2025. SERE just refinanced their debt at 5.3% - yes, rates in Europe are lower than in the UK – a fact frequently overseen in the UK!

If they were to refinance the whole of the Bond at, say, 5.5% then the extra interest cost would be 4.55%, which would equate to a not insignificant E22.75m pa.

That sounds a lot. It is a lot. However it is a figure EXCEEDED by the suggested (not a f/c) income growth over the next 3yrs from E80.9m to E108m. That figure includes some development returns and capturing reversionary upside.

So the revenue gain is not a done deal; but it shows that when you dig into the stats from the Presentations, the concerns over what may in any event prove a relatively short-term hike in rates, are perhaps rather overdone.

[nickrl] 07/10/2023 22:30

@Sky as of today they are top notch but as others have commented they are the most exposed of all propcos with their exceptionally low IR's so guess thats starting to play on some investors. Also European economy starting to look wobbly.

CLI being partly European also benefited from low loan costs but I wonder whether part of their current woes stems from the refi they are having to do now considerably driving up the finance costs on the loans over last 12mths.

[skyship] 07/10/2023 09:23

nick - hadn't seen the Interims presentation, so thanks for that.

Really just reinforces everything most of us have said about EBOX. Quality, assets; quality tenants, rising income, secure dividend. LTV modestly too high, but a reduction through minor sales projected. Debt costs low, RCF only half drawn, medium term maturities.

Q&A suggests buybacks unlikely, though they routinely discuss.

Personally I would have thought they should have a limited go at it. I suspect they would find not much stock available and would likely reassure the Market by driving the price back up to the 55p level where the discount would still be 39% to Mar'23 valuations; and the yield still 7.9%.

They should be looking over their shoulders as the current under-valuation could well tempt a bid from a PE or pension fund - as I've suggested earlier.

[nickrl] 06/10/2023 22:48

@sky they did a webcast for HY 23 although even that is getting stale now

hxxps://stream.brrmedia.co.uk/broadcast/644bb48d66990ceeb71b3e1c/65207ab76425ed24552e4f2b

Once the hedge rolls off the RCF the cost of the borrowings under HY23 drawings would have been more than all the bonds despite it only being 15% of the debt so good they got recent sale away at yield less than RCF cost.

[skyship] 06/10/2023 16:50

CC2014 - hopefully that was indeed a worked sale. If so, as you say, we could see a bit of a recovery setting in next week.

[williamcooper104] 06/10/2023 16:19

Yep - there's no such thing as a euro reit; just individual member states most of whom have own reit regimes Can be more efficient to not reit depending on how shareholder loans treated - eg if you can strip out all the profits that way Scrip divis do indeed get round the PID test - a proportion of the scrip is just withheld like would be for a cash divi - see HMSO did this for years until quite recently when they resumed cash distributions

[williamcooper104] 06/10/2023 16:16

Technical point there's no euro reit regime but individual member state reit regimes I don't think the parent co of EBOX is actually a reit - the divis I've had haven't had withholding tax and there's some tax leakage in EBOXs P&L and deferred tax on the balance sheet IIRC So easier to not pay out taxable income

[hpcg] 06/10/2023 15:54

Ah, I hadn't considered Scrip. Does that pass the distribution test, because that is a massive loop hole in the regs if so?

Also, I'd really like this clarified on structure here, unless I am mad. EBOX is not a REIT but a standard Investment Trust. It isn't in the list of REITs on the London Stock Exchange, (nor is e.g. Phoenix Spree Deutschland). Distributions are not PIDs. It refers to itself in its annual report as an Investment Trust.

So it is not bound by REIT rules but by IT rules. I don't know how the underlying properties are structured and whether rent received counts as a dividend and etc etc for corporation tax purposes.

IMO the only urgency about buying in the 2026 bond is that the opportunity at the current prices may not persist. It looks like short term rates have peaked even if long term rates push higher. 10 year Bunds are at 2.9%, which is a far cry from the US 10 year. Other than the giant vacuum for money that is the dollar and those tasty long term yields, there isn't that much to fear for Eurozone fixed income buyers or sellers.

The attraction of sterling and the UK with 30 year gilts north of 5% is much less apparent, and for us it is much more a case of needing very attractive terms not to be buying long term gilts.

[salpara111] 06/10/2023 15:34

Hmm, I've just noticed that the current market cap puts us right on the edge of FTSE 250 relegation, at least there are a few months before the next reshuffle.

[cc2014] 06/10/2023 15:24

More likely that 3.2m is a delayed sell.

Edit: A delayed worked trade sell which is what drove the share price down...

Which might give you hope the share price will now recover.

[skyship] 06/10/2023 15:20

I gather the Company is frustrated that they are treated as a UK REIT when "in all but name" they are an EU REIT. It is the earnings stream that is important here; and with European index-linked rents that 5c dividend is secure; yet we stand on an 8.9% yield.

Truly bizarre that UK institutions are not buying the stock.

Though perhaps one did so at 13:03 today. 3.232,410 bought at 48.82p!

An odd amount at an odd price for a worked sale or purchase.

3mins earlier another buy of 533,410 at 48.80p