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EBOX Tritax Eurobox Plc

2.10 (3.8%)
01 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Tritax Eurobox Plc LSE:EBOX London Ordinary Share GB00BG382L74 ORD EUR0.01 (GBP)
  Price Change % Change Share Price Shares Traded Last Trade
  2.10 3.8% 57.30 2,065,123 16:35:24
Bid Price Offer Price High Price Low Price Open Price
56.90 57.10 57.10 55.10 56.30
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust EUR 68.73M EUR 58.77M EUR 0.0728 9.07 532.49M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:53:14 O 321,286 57.30 GBX

Tritax Eurobox (EBOX) Latest News (6)

Tritax Eurobox (EBOX) Discussions and Chat

Tritax Eurobox Forums and Chat

Date Time Title Posts
01/12/202320:40Tritax Eurobox1,186
09/7/201809:44Tritax Eurobox17

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Tritax Eurobox (EBOX) Most Recent Trades

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Tritax Eurobox (EBOX) Top Chat Posts

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Posted at 03/12/2023 08:20 by Tritax Eurobox Daily Update
Tritax Eurobox Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker EBOX. The last closing price for Tritax Eurobox was 55.20p.
Tritax Eurobox currently has 806,803,984 shares in issue. The market capitalisation of Tritax Eurobox is £532,490,629.
Tritax Eurobox has a price to earnings ratio (PE ratio) of 9.07.
This morning EBOX shares opened at 56.30p
Posted at 01/12/2023 08:53 by chucko1
True, although the requirement to sell, and the actuality of achieving it at a respectable price and therefore solidify the balance sheet trumps most or all other considerations in the current context.

These sorts of sales have outsized long term value, when one considers the effect of risk aversion on its current share price. (and applies to several others).
Posted at 30/11/2023 14:42 by chucko1
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.
Posted at 20/11/2023 16:47 by kenmitch

Ebox is up 25% from that extreme oversold low of 44p on October 26th. Plenty of shares and Trusts highlighted here and on Stockopedia and also regularly on Mike Walters site are now doing very well. A shame that some on Mike’s site saw the falls as a sell instead of the big buy opportunity it was. Hope you kept the faith with your many quality big dividend paying investments.

Also shares like GOOD are soaring too. Plenty of opportunities still, including among the REITS, and SKYSHIP has also highlighted CLI today.

Also POLR reported today and maintained the big dividend. Opportunities among the other oversold fund managers too like LIO, JUP, MNG, ABDN and PMI.

Predictions that recession was a certainty and high interest rates a certainty long term too might well be wrong. If that’s the case and if interest rates have peaked with modest falls ahead next year, the market will continue to price in that better scenario via a continuation of the current rally.

Fingers crossed including for Investment Trust REITS where in addition to AEWU and AIRE which I’ve held since 2020 falls, I also now hold EBOX, API, SUPR, SREI,NRR and recent small punt on RGL. I decided to sell SERE, bought in 2020, today, mainly to raise a bit of cash and reduce exposure to REITS slightly.
Posted at 06/11/2023 09:49 by hpcg
ham etc - you are talking gibberish throughout. EBOX is certainly not going to double as that would mean we are back to ZIRP which is very unlikely. On the other hand its TR will be smooth over time with regular cash flow back to the investor to keep or reinvest. With interest rates topping out in Europe and the UK (less clear that is the case in the US) upside in the share price is now the balance of probability .

What is clear is you really don't understand property investment in closed funds (Eurobox isn't a REIT so the broader description is warranted). For your education here are the EPRA guidelines . If you aren't familiar with these then you are at a disadvantage to almost every other real estate investor.
Posted at 18/10/2023 15:46 by kenmitch
Regardless of the pros and cons of buybacks, surely it’s not wise spending cash unnecessarily on them when debt is an issue, as it could turn out to be with EBOX. It’s not the job of Trust Directors or Company Directors to manage the share price. If a business or Investment Trust is successful the share price will respond in due course, buybacks or not, just as it will on the downside from here, including for EBOX, if the bears are right.

It’s very clear now that I was wrong, as was SKYSHIP with our expectation earlier this year that by now interest rates would be falling again. Just hope we’re both not equally wrong remaining optimistic about EBOX!
Posted at 18/10/2023 11:18 by cc2014
Thank you everyone for your replies yesterday regarding views on EBOX.

I have listened to the most recent presentation today and I drew the following conclusions:

The revenue bridge to get from £81m to £108m over the next 3 years is imho overly optimistic, depending on a very soft landing for the economy whilst at the same time having RPI at 4.5%. In addition it contains revenue which would require capital expenditure, for which they did not detail the amount required.

The LTV is currently 45% which they say is too high and they are aiming for low 40's, which would give them room for the asset build out to provide the revenue in the bridge. I found this part of the presentation a little inconsistent with other parts. They are saying they are going to deleverage by selling assets and then go and build new ones such that the LTV does not materially move, but elsewhere in the presentation they say they are aiming for low 40's

In conclusion I find the future share price seems to be very dependent on high income growth (a 33% increase in revenue over 3 years whilst also deleveraging seems optimistic) and of course the future path of interest rates.

Finally, I wanted to point out Sky that I think you may have made an error in your thinking around forgetting the RCF debt. I hope this is helpful. You said in post 991:

"# 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."

It will be true that EBOX will save money by reducing the RCF, but they will have also lost the income from the asset. As the income on the asset was higher than the very low interest cost of debt, it's still a loss of profit and therefore cashflow to support the dividend.
Posted at 17/10/2023 10:15 by cc2014
Thanks WC.

So, if they do all this stuff right and get the revenue up EBOX gives about a 9.1% yield which will just about be covered in a couple of years time.

Or I could buy SEIT paying about 10.2% yield which is 1.2x covered now IIRC.

Both are at about the same discount to NAV so both will pull up in price if rates fall.

I cannot see a compelling case to buy EBOX even at what appears to be this bashed down price based on opportunity cost. That's not to say EBOX won't go up from here. Just that I think there's better value elsewhere.
Posted at 06/10/2023 14:24 by cc2014
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.
Posted at 03/10/2023 15:12 by skyship
Re-reading so much here as the share price tumbles.

I was specifically impressed by background information on their recent sale:

"The company currently has one asset on the market in Germany. The manager says that it has completed its asset management strategy at the building and is looking to crystalise the corresponding uplift in value. It adds that it has been encouraged by the broad group of investor interest in the asset, with 90 expressions of interest received, 50 investors signing a non-disclosure agreement (NDA), 12 good offers received and five parties taken into the final stage of the bidding process."

12 good offers suggests to me that there is very strong underlying demand for the EBOX quality assets. Should surely suggest that we will hear soon on the next sale in the move to lower the LTV back down to 40%.

The sooner the better with the share price down through the 50p support...
Posted at 15/7/2023 07:32 by ivor hunch
Added a few more to my ISA holding yesterday. EBOX is a very compelling investment case - yields over 8% covered by rental income (tax free in an ISA), share price is at a 40% discount to asset value, which is based on an actively managed portfolio of large warehouses let to online businesses in Europe where online business is growing. The asset value is proven by recent sales. Management is optimistic about the business and rental income grew by 10%.
A few years ago nobody would have believed that you could find such an attractive investment. I suspect the share price has found its bottom and will recover albeit slowly.
Tritax Eurobox share price data is direct from the London Stock Exchange

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