Share Name Share Symbol Market Type Share ISIN Share Description
U And I Group Plc LSE:UAI London Ordinary Share GB0002668464 ORD 50P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.20 -1.3% 91.40 56,971 16:29:07
Bid Price Offer Price High Price Low Price Open Price
90.60 91.40 92.60 90.80 92.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 45.79 -86.68 -70.20 115
Last Trade Time Trade Type Trade Size Trade Price Currency
18:12:55 O 2,068 91.268 GBX

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Date Time Title Posts
08/7/202112:46UAI - formerly Development Securities1,473
14/9/201617:17PROPERTY REIT in BARGAIN territory.10
28/1/201616:35*** U and I Group *** 1
09/11/201518:35U+I Group3

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U And I Daily Update: U And I Group Plc is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker UAI. The last closing price for U And I was 92.60p.
U And I Group Plc has a 4 week average price of 90p and a 12 week average price of 86.20p.
The 1 year high share price is 102p while the 1 year low share price is currently 51.20p.
There are currently 125,352,419 shares in issue and the average daily traded volume is 125,139 shares. The market capitalisation of U And I Group Plc is £114,572,110.97.
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://
spectoacc: Upton still putting his money where his mouth is, in fairness: Price(s) Volume(s) £0.949 7,500 £0.956 94,639
spectoacc: Thanks @value hound. Much as I like UAI (also in from much lower), I make a rule of selling in to Ramper Tommo tips. Got all sells away over 93p.
value hound: Tipped by Simon Thompson in the IC tonight FWIW; "...analysts expect net asset value (NAV) per share to bottom out at 150p in March 2022, from 163p in March 2021, implying the shares are trading on a 40 per cent discount to forward book value. Positive planning news on 8 Albert Embankment and Morden Wharf mixed-use schemes in the next three months should narrow that valuation gap. Recovery buy." I hold from 65p last September
apollocreed1: @spob -I agree. I very nervously bought a little more 3 weeks ago at 60p because when I'm down 70% from my initial entry price I assume there must be something seriously wrong that I'm missing.
w1lbur01: Nice closing price
sphere25: I think that's Breakout City folks with the price currently up 5.4% at 82p. It farts about alot this but it looks a good bull trend of a chart now. Well done if you bought in the early 60's. You've done miles better than I have. More options to take profits for all! The market that keeps on giving. That's a wrap here. All imo DYOR
sphere25: Just highlight this horrible share, which I find impossibly impossible to buy (because it nearly always gives the run around), but looks set to test a key breakout. The last move from early 60's to early 74p now has been good for those who managed to push the buy button. It MIGHT make another leg up - 75p looks a key mark on the chart. The offer looks thin at the moment but hard to tell with this one if there are sleepy sellers to come in and fill the offer or apply the order when a particular price point is hit. Tend to see both in markets. Tempted to have a go as a short term play only but if I buy, it 100% ABSOLUTELY DEFINITELY NO SIREEE won't breakout! :-) All imo DYOR
this_is_me: Results are due out on Tuesday. It's amazing how often there is a spike in a share price coming up to a very good trading statement considering insider trading is illegal.
hugepants: Last NAV I can find is 232p. That was at year end March 2020. Probably significantly less when the upcoming interims are released? Still with share price at 61p it should still be multiples of the current price. I think they should be OK as long as the vaccine heralds a strong rebound in the economy. In the accounts they do present an extreme downside scenario which would be problematic if it were to occur; "In considering the Group's adoption of the going concern basis, the Group's business model was stress-tested to produce a severe but plausible downside scenario over the short term, to simulate the impact of a deterioration in both economic and market conditions. Consideration was given to the following: - Property valuations fall by a further 30% over the next twelve months and the resultant impact upon gearing covenants and cash levels if cash collateralisation of a loan facility is required. - No new business opportunities are entered into over the next five years - hence the only profits and related cash that can be generated are from existing schemes and the majority of projects monetise over a five year period, subject to an appropriate delay over the next twelve months relating to the potential impact of Covid-19 on investment markets. - Debt facilities were stress-tested to see how much property valuations would need to fall before loan covenants would be breached and how much cash would be required to cure any loan covenant defaults. - Rent collection rates are severely reduced for the next twelve months as a result of the economic lockdown in response to the Covid-19 pandemic. - Other than contracted receipts, there are no significant cash generating disposals over the next twelve months. Following which disposals proceed on a more regular basis i.e. deferral rather than loss of receipt. - Consideration was given to whether the factors above enabled debt facilities to be repaid when they fall due. Only the specific severe but plausible scenario detailed above would indicate the existence of a material uncertainty which may cast significant doubt about the Group's ability to continue as a going concern."
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