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To provide its shareholders with an attractive level of income together with the potential for capital growth by investing in a diversified portfolio of supermarket real estate assets in the UK.
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Reits have to distribute 90% of taxable income to shareholders
DenFos
"Divi cover is my concern here, it’s around 1, not high enough."
This is why I think all excess money should be used to buy back shares to save the almost 8% dividend and increase the cover, SP will respond once this issue is removed. Even using borrowed money they will make a saving. However they won't do this even though it is in the shareholders best interest as it makes the company a little smaller (at least for now) which is against the Directors own interests, less remuneration etc.
Terry, you are correct mate, 8 stores. Personally I think the bigger the portfolio the better. Divi cover is my concern here, it’s around 1, not high enough.
There are looking to sell Waitrose stores.
SUPR already owns 8 which make up 5% of the portfolio.
SUPR currently owns no John Lewis stores. If they can get their hands on the JL omnichannel stores at a bargain price, with 20 year inflation linked leases, then I assume this would be excellent business. NAV goes up and down as the years go by…..
Given the current discount to NAV of around 18.5% then any purchase would need to be greater or at least equal to 18.5% discount otherwise it will dilutive and probably cause the SP to drop.
If any free cash would make sense to have Buy Backs so not only buying assets at 18.5% discount but would also solve to issue with dividends not being covered. However this would reduce the size of the company and management fees, good for shareholders but not for directors.
Is this a 'fire sale' or a valuation opportunity for SUPR?
RBC cuts Supermarket Income REIT price target to 115 (135) pence - 'outperform'
Sp, requires to close above 77.5, for a price pivot break, to happen. That sp, level is above the latest upper bollinger band,which means the band ought to turn upwards, which is bullish. Bottom sideways price formation since June 2023, indicates accumulation, bullish fuel to power breakout from formation . The sp, target is 88.
Hopefully some sanity might begin to return here now.
Back to level in these having bought them a bit early. Good set of results 👍
Changes in fair value of investment properties (£256.1m)
A whopper for the m/cap of £933m... but seems to be more than accounted by in the SP fall of 34% over the last 12 months.
Final Results out tomoz. How much loss on the Portfolio are we expecting? In excess of £200 million?
Goldman Sachs cuts Supermarket Income REIT price target to 76 (80) pence - 'neutral'.
I wonder how much research that took?
ShareSoc is hosting a webinar with Supermarket Income REIT (SUPR) on 11 October 2023 which may be of interest to current shareholders or potential investors. Steven Noble and Robert Abraham (Atrato Group) will be presenting. You can register here: https://www.sharesoc.org/events/sharesoc-webinar-with-supermarket-income-reit-supr-11-october-2023/
I don't think Atrato are responsible for the risk-free rate going up. The risk rewards look good for SUPR with funding in place.
Should the Atrato affiliate invest its promote fee in SUPR to acknowledge near 30 per cent drop in the stock's value since IPO?
Thanks for the insight ...
I certainly wouldn't be happy if they were now issuing a tranche of shares at the current market price, particularly if they didn't have a blazingly good use for the capital! I suppose I was guilty of seeing the scrip only from a small investor's point of view.
Of course the size of the uptake of a scrip is an indicator of what investors think of the prevailing price. From what I can see of the 6-month figures the latest uptake was 1.9m shares, whereas the year before was 300,000 ... nough said.
Thanks,
Mike
Hi
A scrip dividend is functionally the same as (1) taking the dividend in cash and (2) reinvesting that cash dividend (minus taxes) into newly-issued shares of the company.
If you would be happy to see the company announce a capital increase tomorrow at a price around the current share price, then you should view a scrip dividend as a good option to offer to shareholders.
If you think that the share price is likely undervalued at the moment (acknowledging this really depends on how rates will evolve), then it is currently a wrong time to issue new shares or offer a scrip dividend.
The company is, I assume , in the latter camp. I view it as a sign of strength. (1) They have conviction their share price is below fair value and (2) There are not desperate for cash.
I note that the dividend declaration today, withdraws the scrip dividend option.
How do folk read that?
My take is that a scrip increases the total number of shares, saves actual cash for the company, but would reduce the NAV because of the increased divisor. I don't see what's not to like about the scrip from the company's point of view.
Mike
Sainsbury trading statement - sales +11%
Two directors buy just over 350,000 shares, for £260,169.
Benedict Green buys 217,894 shares and Steve Windsor buys 134,433 shares.
This is starting to look interesting with the yield approaching 8%
My concern is what it will cost to refinance the £140m of unsecured debt due in 2024. They have an investment grade credit rating and Edison assumes it will cost around 5%, but what if SONIA is at 6% or even 7% by then?