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Still cannot work out why this trades at a 50 % discount to Nav.. with all that excess cash, the best value is to buy their onwn stock.. nothing else they buy will give them such a discount..
Getting sold off with the other reits.. crazy we are 30 % discount compared with the others in the sector.
100 % correct.. this has and still is very undervalued.. maybe some thing will happen soon.
agreed. Anyone looking for a good long term compounder to beat inflation over the years. here it is...
With NAV > £1.30 and a conservative UFFO of £21m for FY 22 (having stripped out Hawthorn) this would return c. 5.5p per share dividend. At 92p that 's almost a 6% yield.
Most of the leases will be subject to inflation increases, debt is further under control so likely > profit margins. I would not be surprised if this comes out at at much higher yield than the 6%?!
This could very much become a takeover target... in the meantime a conservative 6% will do me!
Berenberg targetting 115p.
I’m really hoping this stays around 88p till the end of the month l need to have a good top up either nrr or epic see which one looks more attractive at the time.
https://www.investorschronicle.co.uk/news/2022/06/08/newriver-dares-to-grow-again/
Nobody should be surprised to see “spin”.All companies do it.But the real estate sector is renowned for extreme optimism.Hawthorn UFFO was 27% of total for full year.Equivalent to 2p divi.UFFO will continue to go down as properties are sold unless replaced with good earners.Dividends likely to be 4-5p for next 12 months? Will NAV go down further? 134p was maybe 10p less than expected.The second half clawed back some losses.Best return for shareholders would be for this business to be liquidated to prevent the distinctly unimpressive Board from attempting any new initiatives.
They are disappointing but as the revenue is supported by a 30% margin which is pretty solid. They are constantly reviewing costs reducing debt where possible and continuing to explore further opportunities. The only issue is whatever they now buy will not be at a great yield as everyone wants to buy retail parks. I'm amazed they don't build more retail parks like my work clients London Metric.
Hands up, i felt this was a solid great reit, got it wrong, spent quite some time going through the numbers and they are not great.. a lot of spin..
Jaxonsax
I would have thought hawthorns was not contributioning to the profits? IE they had already been sold??
I have yet to look at the results but that fall suggests I shouldn't!!
This is Defo one to buy in the isa
Agreed. The market just doesn't believe in the company as much as the direct obviously do. I wasn't to impressed with the figures myself to completely honest but at least they where stable. UFFO may be around 30 million if they re invest capital for more retail parks and so on. Still think this is cheap though .......
Not a great day as planned...
At least the two top guys have bought a few shares today.Above the current price.
Looks like barclays have got this right...
Divi wont be 7.4p next year as Hawthorn will come out of the UFFO so more like 5.4p (ex Hawthorn) 5.9% at 92p
134 nav .. so at 92p we are 40 % discount... 8.5 % dividend
All the good news was signalled beforehand,so nothing new in the results.But still a decent divi.And lower debt gearing should give business flexibility.Share price discount to NAV reflects the uncertainty in the sector and do not forget: this management has seriously destroyed shareholder valuein the last few years.
The market is very strange.. these could not be any better results... good op to top up.
Exactly what I thought, brilliant results.......how do we explain the 5% drop this morning ?
A stellar set of results... still have a 40 % discount to Nav to make up .. 7.4p div.. thats a great dividend
looks like the re rating has some legs