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I've now had a chance to look through the capital day slides, not the webcast (https://www.nrr.co.uk/investor-center/financial-results or file:///C:/Users/simon/Downloads/210930-nrr-cmd-final%20(1).pdf). As usual, there's a lot of management speak rather than plain explanation, but hey ho. The things I jotted down are:
Rent collections returning to pre-covid levels
£2m business interruption insurance received (balance due H2)
Occupancy at 97%
Valuations stabilising
New dividend policy will ensure dividend is sustainable and remains fully covered going forward.
FY22 dividend paid twice a year. Topped up at year end to ensure REIT compliance.
NRR now has £318m of drawn debt and total facilities of £533m with an expected annualised reduction in debt costs of £7m per annum
There's no projection of future UFFO (perhaps there is in the webcast, or the Q&A) which would give us an easy calculation for the dividend. I hope verbally they at least acknowledged that the cancelled dividend (understandable as that is) was a bitter blow to many. Even if you're not forced to sell with a capital loss, the cancelled dividend has caused pain. So it is all about how they build it back up again.
My feeling is that the share price doesn't reflect the quality of the assets, high occupancy, affordable rents, under-control debt etc. But ultimately, this is all driven now by the UFFO and the dividend.
Guitarsolo
Article on Quotedata about Newriver. I didn't see the capital markets day so maybe no new information for those who did.
Either way more or less positive.
Opps newriver
I don't know of any company where DEC would make a good fit, Anyone?
Bravo is of course an obvious choice but I would have thought they would have already made an offer? Anyway the share price is moving in the right direction at the moment.
I just wish someone would make a bid for the company at £1.10 leaving them the opportunity to realise the NAV as NRR board are never going to do it
I think its a stupid question in all honesty. You could figure that out with your own future predictions of UFFO
Reasonable rise in share price at this point in time 3.8%.
250 index is down.
They never answered the final question, which was "will the dividend rise to 10p".
Of course they couldn't say for certain when or even if but I dislike people who ignore questions.
Paid a dividend recently and their news out today is very positive. Especially like this piece. ................
It is the first time for a while that we can look forward with such confidence."
To accompany the Capital Markets Event NewRiver is providing the below trading update.
Operational progress
Rent collection figures have further improved since our Q1 update in July. Occupiers continue to make payments due under COVID deferral agreements, increasing our rent collection rate in respect of FY21, and our most recent quarter rent collection rate now exceeds 90%. This represents a material improvement compared with the same point last year.
It's definatly looking better.
NAV at £1.60 Gbp
You can use this as an hedge off setting inflation?? :)
be watching the capital markets event tomorrow. Will be interesting to understand the boards plans going forward. Hopefully some big buys will come in and lift the share price.
@email
Southpaw is down as a "Strong Sell".
Looking for a cheap buy?
It might well be the buyer (assuming property was sold) has a special relationship with NRR, like buying more properties in future, maybe there are past agreements, etc.... Generally and logically if a property is sold to a lower price there is a very good reasons. But if there is concrete proof of negligence or mishandling or incompetence or even corruption gives us some clues we can investigate. Thanks for pointing this out though, someone else might know more
@Southpaw86
Are you alright? I only ask as you haven't answered my questions I thought you might be ill?
If not could you offer us some further insights into your behind the scenes knowledge of Newriver?
@Southpaw86
Did they sell it to the other buyer?
How did you know what the other buyer offered?
Did it sell to the other buyer?
How did you know what other buyer offered?
A company I am involved in tried to buy a building New River owns in West Sussex, we offered over the top of another buyer and New River just ignored our higher offer and never replied. Poorly run company that clearly does not look after their shareholders.
52 Week High 109.00
52 Week High Date 02-Mar-2021
52 Week Low 43.35
52 Week Low Date 25-Sep-2020
Just looking in....not holding atm. Good decision of mine to sell out of these. Hated the pub sale.
Not sure what price I would buy back in. Somewhere in the 60's would be tempting.
smorrisjones
Let's hope so. Not doing well at the moment I am actually at a loss now. On the otherhand some people owned them before crash....oh my god how dire would that be.
more sellers than buyers at the moment with the share price movement over the last couple of months. hopefully things will pick back up once the balance sheet is more stable and valuations stable.
Share price on a downer, to put it mildly. Need some good news on the rental front and info on what they going to do with OUR money from the sale of our pubs.
yes look at broker ratings shore capitol
Has Newriver been made a house stock? And is it legal nowadays?
can anyone tell me if being made house stock can be a problem