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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| U And I Group Plc | UAI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 148.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 148.50 |
| Top Posts |
|---|
Posted at 01/11/2021 09:02 by boozey A wonderful start to the week. As others have remarked, reward for the patient investor. |
Posted at 08/7/2021 12:46 by checkers2 UAI featured in the Ennismore July NL - U & I Group – UK Property Developer (1.8% NAV) U & I Group (U&I) is a GBP 117m market capitalised, property investor and regeneration specialist that we’ve been invested in for over five years. We are more confident than ever that the market is currently heavily undervaluing the company. Since we last wrote back in April 2016 the most significant change which gives us increased conviction is the previous Chief Executive Officer and Chief Financial Officer having been replaced. This we believe will be helpful in the execution of the strategy to simplify the business model and will also allow the company to be run on a much leaner cost base, both ultimately helping to achieve stronger equity returns. Richard Upton, the previous Deputy Chief Executive Officer, has now taken over the reins and we have full confidence in him not repeating the past mistakes of the business but rather having a laser focus on increasing returns on capital by disposing of non-core projects, leaving a much smaller, simpler portfolio with the best risk versus return characteristics suited to the company. Since we last wrote the investment has been an extremely disappointing one with the share price falling by around 30%, adjusted for dividends, not helped by the book value also falling by 25%, on the same basis, to GBP 203m. The fall in net asset value has primarily been due to write downs in their property portfolio of GBP 55m, especially in the retail area, not helped by the recent Covid-19 situation, alongside some other poor legacy investment decisions. Clearly, we should not have invested in U & I at that time with too many uncertainties over that executive’s previous track record and decision making. Last year was a particularly poor year for U&I with GBP 45m of impairments taken on properties and development projects, however we do feel the property portfolio and work in progress on projects has now been freshly looked over and discounted more aggressively by the new management team and gives us a lot more confidence that the balance sheet is now conservatively valued overall. Currently the company has an investment portfolio of GBP 95m, a non-core development and trading assets portfolio of GBP 126m and core regeneration assets of GBP 58m. Going forward the new strategy is to dispose of the 35 non-core assets which we believe will generate a small book gain from the circa GBP 110m of cash in, net of debt attached, over the next two years with bigger gains further out. It will obviously help to reduce the leverage further from the GBP 72m at the year end and release capital to be reinvested towards the regeneration part of the business, which have the highest targeted returns. The investment portfolio is held to help give an ongoing revenue stream and consists of 15 assets now which will be optimised going forward on a total return basis, as it stands around half the portfolio is in retail & shopping centres with commercial, leisure and some land making up the rest. The equivalent rental yield overall sits around 8.5% which given the overall mix seems prudent to us. The investment portfolio has an expensive fixed long-term debt facility which we give a negative value at GBP 5m above the value of the debt on the balance sheet. The regeneration portfolio currently consists of five schemes, of which we expect four are more likely to proceed - these are based in Manchester, Cambridge and two in London. The company believes these four schemes have a total development value of over GBP 5 billion and profits of over GBP 1 billion, over the next decade. Clearly U & I don’t have the finances to develop out schemes of this size but instead would partner up with suitable partners and would take a small proportion of the schemes’ value as they develop. We and the company were very disappointed by a recent decision by the Secretary of State for Housing reversing a previous planning permission from Lambeth council to help to regenerate the old London Fire Brigade Headquarters, but it does show the uncontrollable political risks in certain regeneration projects. We believe this decision will knock off around GBP 11m off the book value of U & I as work they’ve capitalised on this scheme over the last number of years will most likely now need to be written off. Notwithstanding this we have more confidence than ever in the execution of the management plans going forward. The streamlining of the company’s cost base is a key part of the strategy in increase equity returns in the business and is assisted by the reduction in the number of the assets U & I are involved with. Overall, the plan is to reduce overhead by more than 40% from GBP 21m one year ago to GBP 12m by March 2023, this is mainly being achieved by reducing, now, unneeded staff resource due to a smaller number of projects over the medium term. This implies, ceteris paribus, circa 300 basis points increase in the structural return on equity of the business. It’s good to see our continued belief in the undervaluation of the share seems to be in agreement with management as they’ve recently spent around GBP 250k buying shares around current levels. We value the business prudently on a sum of the parts basis, putting the investment portfolio at a 10% discount to book value, the non-core assets at book value and the regeneration assets, expected to proceed, at a premium of 50% to book value given the huge potential upside from these schemes. Netting off debt and other deductions mentioned leaves a fair value of GBP 200m, allowing then a discount on this of 15% gives upside to the current share price of over 45% over the next 12 months.Can see here: hxxp://www.ennismore |
Posted at 16/6/2020 07:19 by spectoacc @badtime - is one of Woodford fanboy "Johnwig"'s many logins, has at least 10. Look at the 6 green ticks on each inane post, and imagine logging in/out of that many of your handles :) Follows me all round ADVFN down-ticking every post. Best ignored so as not to clog the threads with inanity.In other news: "U+I (LSE:UAI), the specialist regeneration developer and investor, today announces that Southwark Planning Committee has resolved to grant planning permission at Landmark Court, U+I's £240 million Gross Development Value (GDV) Public Private Partnership scheme, subject to the standard six week procedural and s106 process. The scheme is expected to deliver c.£10-15 million of development and trading profit to U+I over the c.5 year lifespan of the project, with significant development management fees starting in FY2021." |
Posted at 05/6/2020 13:09 by deadly nightshade M and g might be forced to sell if there are people invested in there property investment wanting cash back, so might not mean they want to sell. Bit like when Woodford had to sell stakes to pay off investors who wanted out. Hopefully be good value to be had here eventually |
Posted at 04/12/2019 09:50 by fizzypop Positive planning decision at 8 Albert EmbankmentU+I (LSE:UAI), the specialist regeneration developer and investor, today announces that Lambeth Planning Committee has resolved to grant planning permission at 8 Albert Embankment, U+I's GBP500 million Gross Development Value PPP scheme, subject to appropriate procedural and judicial process. The scheme is expected to deliver c.GBP25-35 million profit to U+I over the lifespan of the project, with development management fees starting in FY2021. This is a significant milestone for the business and the first of five planning decisions with a GDV of c.2.7 billion targeted in the coming 3-6 months. Held in joint venture with London Fire Commissioner, the scheme will deliver 145,000 sq.ft. of office, hotel and retail space, as well as 443 new homes, a reprovisioned fire station and museum. U+I expects to start on site in 2021 and complete the scheme in 2025. Richard Upton, Chief Development Officer at U+I, commented: "This publicly owned asset is one of too many that have sat redundant for too long. Our unique partnership with London Fire Brigade will breathe life and productivity to this heritage site on the River Thames. With more than 1,000 new jobs, a reprovisioned fire station, a fire museum and 40% affordable housing our proposals will deliver huge social and economic growth for London. We have designed a world class regeneration project at 8 Albert Embankment and now we can deliver it." |
Posted at 17/7/2019 12:10 by spob As a deep value investor, you never know which shares will deliver for youSo you hold lots of shares like UAI and NAR and every so often something good happens |
Posted at 17/7/2019 11:55 by spob Re NARyeah i know, but the value is still sitting there. I expect with that much cash sitting around they will eventually have a change of heart Who knows what will happen for sure An activist investor might come along and kick their ass The current ceo could pop his clogs and then BINGO! LOL I am happy to hold and I have bought some more |
Posted at 17/7/2019 11:36 by danielbird193 Re: Northamber - I can see that, after the property sale, it's valued well below NAV. The only trouble is that the RNS includes the following line:"The proceeds of the Sale will be used for general working capital purposes in support of the Company's strategy." So the management team are going to spend the cash rather than returning it to shareholders. You've got to have some real faith that whatever they choose to do with it will truly transform the bottom line. For a company that hasn't made a profit in any of the last 5 years it takes quite a leap of faith to believe that management will use it sensibly and won't just burn through it without making any real change to the (seemingly broken) business model. A whole different kettle of fish from UAI where every investor presentation is clear and specific about how shareholder value will be created over the coming years. |
Posted at 24/5/2019 09:13 by solarno lopez So investors who bought at 180 and sold at 240 transferred wealth to ??? |
Posted at 24/5/2019 09:01 by jl9 You got to understand: This outfit is a machine for transferring wealth from shareholders to corporate executives."Ah", you'll say, "but can't it be taken over so that value is realised?" No is the answer. They've seen to that as they've seen to EVERYTHING. The more investors wise up around this the lower the shares will tend to settle in the market. 40% discount, 50% discount, 70% discount... This is the hole in the 'everything has a price' argument. Trying to value this from a shareholder perspective is a contradiction in terms. This is why I call it a pure 'greater fool' play. As long as people understand this and still think they can trade it - fine, go ahead. Just don't be in any doubt about this outfit. Know what it is. |
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