big 3/4 page spread about these in the financial part................
5 Aug '13
gone a bit stale here!
personally one of my favourite stocks! (mini disclaimer right there) has traded at premium to NAV sporadically over the last 5-6 months and would be interesting to hear if other people think it deserves to do so. mgmt seem to be doing a good job at getting interest costs down and the portfolio in the right shape. hopefully another set of positive results in a few weeks could drive it higher.. "progressing well"...if that doesnt make it sound like a horse but is it a £4 share yet?..feels as if it has re-rated rather fast. not that im complaining or going to sell any time soon. would like to see if get back to where it was peaking pre-crisis.
23 Nov '12
Mr Burt expects adjusted NAV, which strips out swap revaluations and marks trading properties up to market value, to finish the year at 348p. The shares currently trade 22 per cent below that level. It's always risky to invest in a company with recovery potential but, given Unite's growth profile, that above-average discount looks too wide. .......BUT AS ALWAYS DYOR AND GL.....
23 Nov '12
That said, the academic year just started - which has been heavily affected by higher tuition fees - will be weaker. Unite reckons student numbers this year are down 55,000 on last year, the main reasons being a reduction in the number of funded places by about 15,000, a low deferral rate last year, and - most importantly - miscalculations by universities, many of which have ended up with fewer students than they wanted. Over half of this fall will probably reverse next year as deferrals normalise and universities recalibrate their systems. But this year Unite has slightly more vacancies than usual, and management has reduced its expectations for rental growth in 2012 from 4 per cent to 3 per cent. Even so, that growth will be sufficient to push up profits, particularly in combination with falling debt costs. Michael Burt, an analyst at broker Espirito Santo, expects "net portfolio contribution" - Unite's primary profit measure - to be £18.5m this year, up from £11m in 2011. Yet rental growth also increases the value of the portfolio, boosting net asset value (NAV). Here, Unite's high debt level, which exaggerates the impact of revaluations on NAV, comes in handy.
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