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I am glad to see the stock holding well today, compared to other Shares , time will only tell lets hope this Corona virus can be addresses before the next student intake is due as this will really hurts the revenue for the year , dividend payments and stock prices.
As expected - Admin costs at £9.5m (£ 9.1m 2018) (originally expected to rise to £10m)
Dividend cover in excess of 85%
Dividend held at 5 P approx 5%
Expectation 2020 Dividend cover will be 95%
2020 will be the first full year of all properties being in house under 'Hello student' had hoped that would get us to full div cover Plus a bit. Till we get there the div payout is drawing out capital not adding to it.
All moving slowly in the right direction.
Let's hope 2020 expectations are fully met and (double) hope they are exceeded.
Bear
Steady set of results with more improvements yet to come.
What's not to like about a 5% yield and the potential for future growth
https://otp.tools.investis.com/clients/uk/empiric1/rns/regulatory-story.aspx?cid=918&newsid=1361596
https://otp.tools.investis.com/clients/uk/empiric1/rns/regulatory-story.aspx?cid=918&newsid=1361596
Hopefully we will see some movement upwards in the share price in next few days as the October update said "The Board intends to provide guidance on the Company's full year 2020 in late January 2020." we know from October that turnover is up, bed number up, occupancy up costs down so hopefully it continues. Bear
Empiric Student Property’s (ESP) revenue rose 14 per cent during the first half thanks to improved occupancy and the contribution from new developments. Property expenses also dipped despite an increase in the number of operating assets as the average cost per bed declined 11 per cent. The gross margin rose to 68.5 per cent, from 62.3 per cent, and is on track to reach the full-year target of greater than 67 per cent. Buy.
several very large buys with round numbers of shares this morning........interesting
I also hold Green REIT and they were upset with the share price discount to NAV and so have sold themselves recently to generate share holder return......the discount of ESP is similar to Green before they went to markey.
as this has slipped back after an early rise I thought I would take some more shares for the future divi. See these as recession proof in terms of income (but not in terms of NAV).......
Profit up 33%. NAV well above current share price. Dividend now >90% covered. Positive comments about rental growth accelerating and costs decreasing. Debt well managed.
I would hope for a good uplift in share price today
I guess it’s a combination of caution due to previous management failures and concern re numbers of foreign students post Brexit.
Any idea why ESP is so cheap? Seems like good value, massive potential ahead. Expecting good news in August when interim results are announced.
That's some volume of purchases today. I'm surprised they didn't drive the price further north.
Drifted to 89p today - seems crazy good value at these levels given 6% yield (which will be fully covered next year), 17% discount to NAV and decent economic downside protection given stable revenues.
Bit of a spoiler alert but things seem to be on track. Progress on all fronts by the seems of it.
I don't understand the negativity regarding the share price. The new management team have turned things around within the past twelve months, a replacement finance facility was agreed with Scottish Widows at a lower rate last month, occupancy levels are high, management of units is now almost completely in house. All bodes well for lower costs and a greater percentage of the dividend being funded from income.
well I am now invested via my SIPP (I was previously invested about 18 months ago) so lets hope things move positively - if not the 6.5% dividend will help.....
The management team here has been considerably changed in recent months. The CFO is very much hands on and in control of the situation. Occupancy % is up considerably to i think about 96% from low 60s. it is looking good for the long term. I hold.
I am doing DD on this share following the news this morning that Fusion ( a direct competitor) sold 1857 beds for more than £232M (actual price not disclosed) so per bed they got more than £125K per bed.
See telegraph.co.uk/business/2019/01/02/fusion-students-sells-232m-property-portfolio-investors-pour/
IF ESP properties are of equivalent standard and location this implies this share is at a significant discount, What do people think about this?
The only concerns I can see are (1) Dividend cover is only 60% (2) Student rents are short term and % sold could fluctuate quickly perhaps if there is a BREXIT issue with foreign students.......
Appreciate the thoughts of LTH's here......
So, presumably, Mr Attlee as Chief Investment officer bore no responsibility for the failures that resulted in the replacement of the Chief Finance Officer and the resultant loss of shareholder value.
Looking good, very nearly fully let!
And in house facilities management progressing well.
It's funny how buys get flagged as sells. But 100000 buy is no small change and a positive sign.
This is presumably the 100,000 "sell" that went through at 9.18am.
SHARE PURCHASE BY NON-EXECUTIVE CHAIRMAN DESIGNATE
The Board of Empiric Student Property plc (ticker: ESP), the owner and operator of premium student accommodation across the UK, announces that Mark Pain, Non-Executive Chairman of the Group with effect from 1 September 2018, today acquired a total of 100,000 ordinary shares in the Company at a price of 95.5 pence per share.
Yes, all sounds good. Bought in for the first time last week, time to top up and hold.
Looks like good progress has been made, costs reduced and bringing facilities management in house seems to be working.
Very happy to hold.
ESP doesn't have high debts, LTV is 30% or there abouts from memory, the bod will only get bonus if dividend cover is achieved. Also NAV is well above share price, so if everything was sold and proceeds given to shareholders right now we would receive well above 85p a share. A few hiccups here,but a bod clear out and a good plan to cut running costs and we will see dividend cover and nice profit in my opinion.
ESP doesn't have high debts, LTV is 30% or there abouts from memory, the bod will only get bonus if dividend cover is achieved. Also NAV is well above share price, so if everything was sold and proceeds given to shareholders right now we would receive well above 85p a share. A few hiccups here,but a bod clear out and a good plan to cut running costs and we will see dividend cover and nice profit in my opinion.