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Good rise today following a fairly strong performance over the last few days. SSTY is well below its high of 2019 for no good reason. It is also expanding fast with new units being added regularly. Its asset value per share exceeds its debt and in addition to mostly leaseholds it has some valuable freeholds. It needs to convert revenue into profits, but this should happen this year as the new 'poshtels' come on stream. I like the business model and I would have thought it could well attract a buyer because of its international spread. Wouldn't go for less than 60p per shares - so hopefully a sound asset-backed investment.
Top up.
Decided to invest profits from a share sale into SSTY on today's drop in the SP.
GLA & I wish you all a happy, healthy & prosperous 2020.
A lot of patience needed with this one, unlike REITs safestay aren’t required to pay out 90% of income, therefore growth should be a snowball effect.
The more money they make the more they can expand. The more they expand the more money they make....
NAV growth will eventually see share price growth
Total equity does include c£10m of goodwill but agree this is undervalued.
NAV is c41p a share.
Strange reaction today to 3 more purchases - all should start generating revenues ASAP.
Most admin costs are fixed so was expecting a bit more.
2020 numbers should be quite good with so many new hostels acquired in last few months.
Also CEO is doing what he said he would and they have cash to do it.
A strange share this one
Not quite that simple, around £40m debt to consider for starters.
MC = £22m, Elephant & Castle hostel (under development) alone has an MV of £26.8m. I know REITs tend to trade at a discount to NAV but even so.....
just back from weekend in York - very cold but enjoyable.
Persuaded my group to stay at Safestay as I was a shareholder and wanted to see what it was like for myself.
The positives - great location and building is nice, if a little tired around the edges. A lot of investment in York so this can only help property values.
Price - fantastic - just over £70 for 4 of us. Think this could be slightly higher in York
Check in - arrives slightly early and checked in efficiently without issue, room fine
Bar area looked nice and a few people in it even at 2pm
Negatives -
Bed was ok but slept badly, although this might have been partly due to large quantities of alcohol!. Noise - people coming in at 2am and making loads of noise in reception area. As reception is manned 24/7 assume they were having a chat !!!
Breakfast - wasn't expecting much but this was poor - nothing was available when I got there, not even cutlery and bowls or cups to make a cup of tea! etc. Looked like receptionist was also 'doing' breakfast and just hadn't bothered checking stuff. Did improve after I had a word but then they ran out of milk!! As they were encouraging people to have breakfast this was poor.
Similarly on leaving saw some posters advertising pizza etc but these should have been on reception desk when I checked in.
These add ons are meant to be a big focus for SSTY and I didn't see that at all. Receptionists were young and multi tasking so were not pushing anything.
On the whole it was value for money but is definitely not comparable even to a budget hotel.
I will keep my investment in but am not sure if I will be topping up
I was thinking the same.
Recent uplift is without the usual herd rushing in. Boads well :)
Patience pays.
It shows how under the radar this company is, whereby the sp moves up 15% and there is not a single post to acknowledge it (other than this one). A good solid stable company with a proper business model, a growing revenue stream, trading below net asset value, and yet most posters would rather post endless nonsense about losing 'no-hoper' companies, convincing others that some miraculous turnaround is imminent. Strange world.
impressive NOT impression!
yes 18 of the 20 by 2020 already in the bag. Pace of acquisition is impression. Once Paris and Venice get completed in 2020 revenues should be much higher. Need to get occupancy rates up from low 70s to low 80% as this will increase revenues further. Looking forward to next financials
With 5 new hostels in 5 months!
This is a very encouraging quote: "The business has good momentum across all fronts. Our pipeline of new sites is strong with further transactions likely to complete in the near term and the advantages of our increased scale showing in the performance of the operating business."
But I also found this part of the RNS interesting: "the scale of the network is attracting the attention of leisure and travel operators seeking to combine with Safestay to offer complementary services to our guests"
going to York in December so thought I'd try it.
Booked via website and process was reasonably efficient with decent info - absolute bargain prices.
I'll let you know how it was
yes NAV per share now 42p and share price is currently 33p. Eventually common sense will prevail
This piece of news alone should make every Safestay investor jump with joy.
"23 September, Elephant & Castle hostel was revalued following the 73 bed extension at £26.8 million, an increase of £10.8 million over the last valuation in 2017, which equates to an NAV increase of 16.7p per share"
Agree like the business model here. Does anyone know how long a hostel takes to bring online and costs associated? Even being cash generating I cant see how they can continue to expand without going back to market for more money? Looking to get in but with just 10m in bank at last fundraise this must be pretty much all gone with last 3 acquisitions? Hopefully someone can correct me as price is good if fully funded...
ps. don't forget Miton group have been intent on reducing their 4% holding for some months now and just haven't had the volume to sell into... it will take time but this is a good long term hold in my view at least..
Yes and given that it is near the docks we might even attract cruise ship travellers awaiting embarkation at venice the chance to slum it before their luxury LOL .. either way shrew financial arrangements - I like it
Even with what I'd consider good news about the business growing, the SP is down 3% and voulme is low. Feels like we're flying under the radar here.
I see the building isn't actually within the Venice old town though and is across the water. But still, a 600 bed proposition somewhere with a lack of affordable accomodation is good. Given they have Pisa already too, it's surely going to help with economies of scale.
the SP at lowest levels and acquisitions treated with malaise by the market... sector sentiment I suspect but at this level I look at the business continuing to expand from existing funds and see this as a sound investment still. Bought more
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Looking to have 20 hostels by June 2020. That's £20m revenue!
I expect Oxford will be on their target list.
UK visitors will be able to host hop between key tourist points.
Income grwoth coupled with asset value growth. Nice.
At 50p.
New long term holder here who bought in a couple of weeks ago.
It's believed they have enough cash available to acquire another 5 hostels and take the portfolio total to 20. As somebody has already mentioned below they're then profitable from revenue received from all hostels and won't need to do another fun raise. The company has advised that it will be much quicker getting from 20 hostels to 40 than it was from 0-20.