Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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PPHE Hotel Group present at our Manchester growth company seminar on the 4th June, which may be of interest to current shareholders and potential investors. More details here: hTTps://www.sharesoc.org/events/sharesoc-growth-company-seminar-in-manchester-4-june-2019/
And there you have it.
I confess I do not understand the RNS today. All this buying and selling off market. The result is 8% down from what seemed like a damned good steady company. Something smells bad.
Revenues improving plus "Further renovations and repositioning programmes across the Group continue to be considered, with the view of upgrading the property portfolio. In addition, the Group continues to focus on acquisition opportunities for further expansion. These repositioning programmes and future expansion are both expected to add further value to the Group, including an increase of the Group's EPRA NAV per share, which at 30 June 2018 was £24.21."
Summary:
"Valuation: Way to go
While refinancing valuations had drawn attention to substantial hidden reserves, EPRA reporting should enhance recognition of PPHE’s investment case. EPRA NAV of £24.21 at June 2018 means an excess of c £680m over book value. Likely investment activity should accentuate this, given the strong development record. In operational terms, at 10x 2018e EV/EBITDA excluding the Waterloo finance lease, the rating compares well with an average of c 11x 2018e for branded European peers."
expect developments will push NAV up to £26 per share.
Earnings, profits and dividend up. EPRA NAV now £24.21 and company performing in line with expectations.
Move to Premium Listing tomorrow.
Raised property valuations by Savills. Implied NAV of circa £24 per share.
Kepler Cheuvreux reiterates buy with increased target of 1750p.
Kepler Cheuvreux initiates coverage 16/5/18 - Buy, target 1450p
increases target to 1350p.
Someone filling their boots today .. up 6.3%
The bod complain about difficulty hiring staff due to Brexit which I think is a lame excuse. How anybody foreign or British can survive in London on a minimum wage is beyond me. They should pay the staff min £15 an hour
raises target to 1290p.
Next Wed 6th sept I will be interested to see how the weak £ is contributing from our strong euro zone franchises.
You may get the impression from my posts that I'm a fan of this company and you'd be right. For newbies to this share how about this : on 21/7/16 they doled out a special div of £1 per share .. that's right 100p .. difficult to beat that .
I've upped my stake by 200% in anticipation of a major re rating over next 6 months .
Edison investments reckon PPH has a 63% discount to NAV currently and with current extensions and new developments in london coming on stream this year and next I would expect that the sp to nav would narrow . I'll add 20% to my holding in anticipation
Oddly enough I rarely take my own advice!! Didn't buy (why?!) but agree good long term hold. I note today's update includes 'equity release' so I think a special dividend may be in the near future while NAV uplifts look increasingly certain.
I hope you bought when you said you might .. I just thought I would post a msg so the uplift in sp since that date is recorded .. I'm a long term holder so good luck .
Roughly speaking (rounding) - Book value of £1bn, fair value (independent property valuation) of £1.5bn, bank debt of £0.5bn. Market cap £0.3bn. Edison has fair value adjustment of 1,000p to reported NAV of 800p based on expected uplift in London property values. So, target of £18.50. Shares have sprung into life in last few days on low volume ahead of trading update next week. I think I will buy and hold.
I've just started looking at this stock and I was wondering anyone who's studied this stock for longer could let me know roughly what the Net Asset Value of the company is. From the interims, it looks like £1.4b property + £0.1b cash - £0.8b debt. So roughly £0.7b against a market cap of £290m. Is that about right?
Wish they were all like this 😁
Super special dividend gone xd today, £1.00, share price has gone up well over a pound since they announced the special, so as far as i'm concerned it will be free money. So thank you pph. Still a great share.
Yet again great results released, onwards and upwards, nice and slowly of course there's no hurry.