Tritax Eurobox Share Discussion Threads

[lord gnome] 01/12/2023 08:07

A good deal done. Cash in the bank. A decent profit and no effect on our income because there wasn't any.

[holts] 01/12/2023 07:53

Only 14% above acquisition price net , but debt isn’t going to be a problem going forward.

[cwa1] 01/12/2023 07:41

Indeed, a very solid sale to add to yesterday's one, doing what they say on the tin...

[skyship] 01/12/2023 07:39

Kerching! - another day, another sale - E28m at well above 03/23 valuation.

[hpcg] 30/11/2023 15:57

I added again on this news, mostly spread bets on the Euro issue, very surprised the market did not react. There'll be some hoping for a visit back to the lows, some happy to have traded that journey and are looking for pastures new. I can't see why BOXE shouldn't be trading above E0.7 which is still over a 7% yield. 10 Year Euro bonds are at a shy under 2.5%, ditto 5 year, so frankly 80 e-cents and a 6.125% yield is hardly outrageous.

That's EUR110mn raised in this deal and August which by my calculation pays off the revolver completely (was 154mn remaining out of a 250mn facility). Probably not quite as they also needed cash for their existing sites.

As you can tell from the above, I'm pretty sure that they'll have very good timing for the '25 and '26 refinancing. They'll definitely have capacity to pay a reasonable dividend after 2026.

[lord gnome] 30/11/2023 14:53

Chucky - you are right to spot the discrepancy - and there is a subtle difference. One would help the company and one would help the share price. Take your pick.

[chucko1] 30/11/2023 14:42

LG, forgive me for saying so, but that is an odd conclusion. All else being equal, the reason for the price demise of EBOX has to be laid squarely at the foot of higher interest rates, even with a higher "bottom line" with inflated rents.

On a partial reversal of this, it is not easy to see why that share price path would not trend higher.

[skyship] 30/11/2023 14:20

"In the Interim Results announcement in May 2023, we outlined our intention to undertake asset disposals of at least EUR150 million over a 12-18-month period. The programme's aim is to lower the loan to value (LTV) ratio towards our preferred percentage range in the low 40s and to fund existing opportunities from within the portfolio. Following the sale of Hammersbach in the summer, this disposal demonstrates further progress of this programme and brings gross sales signed so far to c.EUR111 million."

Happy with that; and a good pre-cursor to next Tuesday's Prelims.

[spectoacc] 30/11/2023 13:47

"· 37,047 sqm building, purchased in November 2018 for consideration of €37.8 million.

· A recently signed new lease in unit 3 was agreed 35% above the unit's current passing rent.

· The headline sale price of €46.8 million is 3% below the external valuation as at 31st March 2023, reflecting a net initial yield of 4.88%.

· Proceeds will be primarily used to pay down the Revolving Credit Facility as part of the programme to reduce the leverage in the Company."


A little below NAV, despite them having done some regearing on it, but good in the context of where EBOX is trading in relation to NAV, and good for the LTV.

[lord gnome] 30/11/2023 11:17

If higher income from index-linked rents is better for the bottom line than a saving on interest rates, perhaps not.

[stemis] 30/11/2023 11:08

The euro extended its losses after figures showing inflation in the eurozone was lower than expected in November, raising hopes of interest rate cuts from the European Central Bank.

Good news for EBOX surely...

[makinbuks] 28/11/2023 11:54

8% above ERV is good, every little helps

[mister md] 27/11/2023 11:29

Good to see a cautious recovery in many stocks lately - I'm back in profit on EBOX (only just though) ;-)

[skinny] 23/11/2023 12:09

Tritax EuroBox plc (ticker: EBOX (Sterling) and BOXE (Euro)), which invests in high-quality, prime logistics real estate strategically located across continental Europe, will publish its results for the 12 months ended 30 September 2023 (the Company's 2023 financial year) at 07.00am (GMT) on Tuesday 5 December 2023.

Presentation for investors and analysts

A Company presentation for analysts and investors will take place via webcast at 09.00am (GMT) on Tuesday 5 December 2023. This will also include the opportunity to submit questions to the management team.

[hpcg] 22/11/2023 11:25

IMO ITs currently represent much better value than UK focused REITS. Much lower gearing, superior growth prospects, discounts upon discounts if one considers UK small caps.

[kenmitch] 22/11/2023 09:37

This is an excellent and balanced Citywire article on Investment Trust buybacks:-



There are strong arguments for and against. It’s not as black and white as too many (me included) sometimes claim!

Citywire articles on Investment Trusts are often very good, and that includes the weekly summary which includes the biggest weekly risers and fallers and a weekly list of expensive and cheap Trusts.

[skinny] 22/11/2023 09:16

I think the masses agree that rates have peaked - the length of the plateau is less discernible however.

Andrew Bailey apart of course!

[spectoacc] 22/11/2023 06:57

Agreed, ZIRP is over, and good riddance. Should have been ended sooner, and the c.£450bn of QE during Covid a primary reason for the mess we're in now/approaching.

OT but a good read. Some will disagree with the buybacks emphasis:

[hpcg] 22/11/2023 05:30

I don't see big rate cuts less than 1%, but I definitely think we have hit peak rates. I think BoE will shave less than a percent. Easy money plus austerity was the second most disastrous economic policy this country has seen, to only going back on the gold standard. We'll see the biggest ever swing in seats at the next election as a result. That said, I'm not so fussed about UK rates because they are relevant here only for exchange rates. I see the ECB as similar, but that easily controls refinancing costs here.

[spectoacc] 21/11/2023 21:13

You've been wrong on food price inflation for the best part of a year @nickrl ;)

IMO China/Taiwan comes after the next US Presidential election - atm going to be either doddery Biden, already well past being fully compos mentis, or unpredictable but isolationist Trump. Plus the new chip factories will be well underway in US/Europe, so the pressure to defend Taiwan all-in recedes.

Xi wants it. Like Putin, he's not getting any younger to secure what he sees as his legacy. All the better for Xi if Russia/Ukraine is still going then.

Digressing. Inflation will continue to fall, it just won't go sustainably to 2%, any more than wage rises will drop to eg the 4% needed, without significant rise in unemployment.

Another rise in the "Living wage" just announced.

Tax cuts to come in March Budget.

BoE could make a cut between now and next November and rates would still begin with a "5". What they won't be doing is cutting anytime soon - why would they?

ECB may cut, making no predictions there - assisting EBOX. EU economy looks in poor shape IMO, neither France nor Germany nor Italy in a position to drive it anymore.

[nickrl] 21/11/2023 19:24

Just paid 1.44 for petrol lowest its been around here for months along with my local supermarket having continuous offers if your able to stack up on individual products will help keep a lid on inflation. Short of China wading into Taiwan (highly unlikely) current geopolitical situations aren't driving commodities upwards they have dropped back and producer prices negligible. Key metric is what happens to wages of course which have a long tail with negotiations taking months so headline rate today reflects worker demands from months back. Also every month rakes hundred thousand more people into needed to refi their mortgages.

In the case of EBOX that 500m bond can fester for another 18mths without becoming a refi concern and rates will surely be lower than now by then albeit substantially higher than 0.95% so its a question how much rents will grow which will be supressed by lower inflation on CPI linked ones.

[hindsight] 21/11/2023 17:12

Personally think rates will fall a bit. Because they are still rising due to fixes resetting. So the BoE can cut base yet the overall pressure stays similar.

[skyship] 21/11/2023 16:33

Needlessly high interest rates shackle government spending, constrain corporate investment and seriously hit mortgagees. The BoE moved too late and went too far; hopefully they will reduce in timely fashion if circumstances permit in, say, 6months time.

This piece below from the IC today:

"Many analysts now expect rate cuts towards the middle of next year, although the BoE faces a tough balancing act: cutting too soon could reignite inflation, while waiting too long risks damaging employment and growth. The Institute of Chartered Accountants in England and Wales’s economics director, Suren Thiru, thinks there will be a three-way vote split as soon as the next Monetary Policy Committee meeting in December as at least one policymaker votes for a rate cut."