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Very positive update.
Currently 34 stores operating increasing to 49 in the next couple of years.
And the self storage market remains under supplied.
Loknstore has to be the fastest growing of the quoted self store companies.
Revenue up 10%; Net Asset Value per Share up 11% to £5.33; and 14 more stores in the pipeline.
And a non-exec investing a further £550k in shares this week.
What's not to like.
Interesting to see that LnS trades at about parity with its NAV per share of £4.80 while rivals Safestore trade at a 54% premium to their NAV per share of £4.02 and Big Yellow at an even greater premium of 63%.
Appreciate other factors come in to the share price but the NAV disparity between these companies is perhaps too great at present.
This is a very upbeat update in a world of gloom. I have held the stock from 150ish p and think there is way more to go. I have also bought other stocks in the field both here and in Australia.
Cetainly all commercial property companies rely on revaluations as part of declared profit. Whilst LOK has posted asset value comfortably above current market cap., it will be viewed as an asset rich, profitable and capably managed AIM stock.It is also in a good niche-current new housing being too small for storage of bulky items, As such it is mentioned by the D.T. as a solid inheritance tax avoidance vehicle and would appear to me to have very limited downside.
I have been overlooking commercial � housing property valuations effecting share prices, much appreciated post reminder. Indeed if the anticipated interest rates do hike during November 2017 then commercial property prices certainly will start to fall as many have purchased there commercial investments on borrowed money. I am assuming they own there property portfolio freehold�s ( see below) otherwise any dropping property value valuations would not really effect them so much if all or some of there properties are on 20 year leases. On the flip side of LOK share valuation. A property price crash would long term strengthen their overall share price due to buying up commercials on the cheap., also greater demand for storage during increased repossessions during a down with punters required temporary storage space Lok states on there web site they are looking for more property so if they buy bundles of commercial property in a crashed commercial property market (Spring 2018) then there future will certainly be stronger even with a devolution in there current property portfolio. LoK web site ;Site requirements: Sites need to be prominently positioned on a busy local retail/ commercial area within a town or city with a minimum of population of 40,000 people. We are keen to hear about all Freehold and Leasehold sites at 0.66 to 2 acres in size. The site can be flat or have an existing building on it. The absolute trading position is far more important than the type of tenure. See some examples of more recent projects here. All types of tenure considered: � New Build Sites Between 0.66 and 2 acres preferred on a freehold basis, although we would also consider long leasehold sites. Re-use of brownfield sites that were in other uses always considered, including garages, petrol stations, trade counters, such as; � Existing Premises Buildings between 15,000 and 40,000 sq ft G.I.A. Minimum eaves height of 4.5m, with high bay at 8m plus preferred � Pre lets We would consider pre lets within developers larger schemes � Freehold or leasehold � Joint - ventures
Lok n Store depends heavily on property revaluation to keep the share price high. Earnings and revenue are secondary yardsticks. Right now, the market capitalisation has risen faster than property putting valuation on the high side. With a lower property revaluation, despite having more property in their portfolio, I feel the shares have raced ahead of a little. For full analysis of Lok n Store and other companies� result analysis, click http://bit.ly/2xz64VU
http://tinyurl.com/h3uye57 e-Therapeutics plc (LON:ETX) is targeting partners to accelerate the development of its drug discovery engine, it told investors on Tuesday. Malcolm Young, chief executive, tells Proactive that “making alliances with much larger companies is absolutely our foreground so that’s where we need to go, that’s where our frontier is, that’s where we need to make the advances.” He adds “commercialisation as a focus in the company has really grown in significance in this last year,” and that the firm is looking for partnerships as a way to recognise the commercial value of both late stage and early stage products.
http://tinyurl.com/j6eztnw Andrew Jacobs, chief executive of Lok’n Store Group Plc (LON:LOK) says self-storage is “a very attractive business” at the moment. Speaking to Proactive, he says that the company is “moving ahead at a very reasonable growth rate”, and that he is “very positive” about the company’s trading. The firm reported robust trading in the first half of its financial year last month, with revenue at its core self-storage business up 5.4% in the half year to end January.
This fast growing AIM listed self-storage company, announces the agreement of a new banking facility on improved terms with Royal Bank of Scotland plc. The new £40 million five year revolving credit facility will replace the existing facility which was due to expire in October 2016, and will provide funding for site acquisitions and working capital. The margin on the new facility will be at the London Inter-Bank Offer Rate (LIBOR) plus 1.40%-1.65% margin based on a loan to value covenant test (1.40% currently). This is a marked improvement on the existing 2.35%-2.65% margin and the Group will therefore benefit from a lower average cost of debt and improved cash flow. Loan to value covenants are in line with the previous facility. Andrew Jacobs CEO of Lok'nStore Group said; "This new banking facility with its substantially improved terms and structure underlines the financial strength of Lok'nStore with its modest gearing, valuable property assets and strong and growing cash flow. "This new facility will save approximately one penny per share per annum of funds from operation (FFO*) lending support to our ability to pay progressive dividends, and will enable the Group to continue to execute its current growth strategy with 3 new stores opening over the coming months." Lok'nStore will announce its preliminary interim results for the 6 months to January 2016 on Monday 25 April 2016. *FFO Funds from operations is defined as EBITDA minus net finance cost on operating assets
Just bought some of these for my SIPP with a 10 year holding plan. I like the look of the steady growth going on, and a good dividend.
As loknstore grows the stock will catch up with its peers which trade at a significant premium to their net asset value.The shares will deliver long term growth. BUY
LOK Lok N Store (storage company) One which warrants further research, especially looking at the increase in volume on friday. Had good results just recently and not over priced going forward. http://content.screencast.com/users/mickkipper/folders/Default/media/76cd35a3-cbf6-4a8c-8ed7-3d0c1bf20b4d/lok%201.jpg
movement here,around 60% of the comp traded already?
so it was :) Looks good for c220p ...
is worth a look around 180p ...
Lok'n Store Group (LOK) Director name: Mr Richard Holmes Amount purchased: 27,500 @ 108.50p Value: £29,838
Lok'n Store Group (LOK) Director name: Mr Richard Holmes Amount purchased: 12,000 @ 119.50p Value: £14,340
Though the group's business is off-site storage, many investors regard it as a glorified property company and so the net asset value (NAV) per share is closely watched. At the end of July 2012 adjusted NAV per share had barely changed at 228p from 229p the year before. Net debt increased from £24.4m at the end of July 2011 to £25.7m at the end of July 2012. "At an operating level we have continued to demonstrate an innovative approach to asset management, enabling the group to increase its operational footprint while maintaining a strong balance sheet. With further valuable planning permissions obtained and renewed and the opening of the Aldershot and Maidenhead stores scheduled for 2013, we are poised to move ahead strongly over the next couple of years," Jacobs said. The new document storage business, acquired at the end of June 2011, has moved into profit under its new ownership, with earnings before interest, tax, depreciation and amortisation of £0.47m, versus a loss of £0.04m the year before.
Storage barn operator Lok'n'Store has rebased its dividend and for once, the term refers to a substantial increase in pay-outs, not a poorly-disguised dividend cut. "The board has decided to significantly increase the dividend to 5p for the full year, and it is intended that the company's future dividend payments will reflect the growth in the underlying cash generated by the business," revealed Andrew Jacobs, Chief Executive Officer of Lok'n'Store. The 5p dividend represents a two-thirds improvement on the previous year's 3p payment. "We have a secure financial base, an excellent development pipeline and robust trading which gives the board the confidence to propose this step change in the dividend," Jacobs said. In the year to July 31st the group saw profit before tax retreat to £926m from £938m the year before, largely as a result of finance costs virtually doubling to £1.03m and a result of the firm refinancing its £40m bank facility during the year.
Lok'nStore, the AIM listed self-storage company, said it had extended lease on one of its existing stores by ten years on improved terms. The agreement will produce an annual saving of around £60,000 in rent and service charge over the coming five years, increasing the operating income of the store by approximately 25%, the firm said. Investors liked the sound of that and shares rose 3.5%.
Despite the lower profits, caused by more expensive banking facilities, the market was encouraged by the top line growth, the EBITDA performance and the fact that it has got new banking facilities in place, albeit at a price. The shares rose 4p to 105p in the first hour of trading.
Most of our larger competitors will have to respond to this change either by increasing prices or reducing margins to help them absorb the VAT. This will have a beneficial effect on Lok'n'Store's pricing and volumes," predicted company Chairman, Simon Thomas. The interim dividend has been tripled to 1p from 0.33p last year.
"The integration of the Saracen document storage business is progressing and contributing to our profitability. We have a clear plan and some near term drivers to continue this momentum into the future, including our joint venture in Maidenhead with Lidl that will open in 2013," said Andrew Jacobs, Chief Executive Officer of Lok'n'Store. Jacobs reiterated that the group is looking forward to the proposed closing of the value added tax (VAT) loophole regarding off-site self-storage, as flagged in the Chancellor of the Exchequer's Budget, as Lok'n'Store has always charged VAT on its services.