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It's catching on, another director is buying now...
Mr Upton bought another 220,000 shares yesterday, taking the total to nearly 330,000 in the last week.
On the one hand, he has to show confidence in the company; however, he's not a fool - so he must have a good reason to invest as much as he has.
"All the weak holders have been shaken out over the past 10 or so months. "
Had the results been written in the style of results last year, that showed a great deal of planning and preparedness I would have held. I had 2% of a portfolio in here up 30% since April 2020 so as much as taking even a small loss hurts ....a 0.3% loss that could have been anywhere between 0.3-2% given the CV19 has to be taken on the chin.
Some you win, some you lose, and there is always time to re-evaluate at some point in the future.
GLA
Decent buy size from the new CEO to underline his confidence in the business.
All the weak holders have been shaken out over the past 10 or so months. It's looking like we've finally turned the corner here.
Not yet, but looks like the market likes the change in CEO.
Richard Upton ran a well run company that UAI brought out. Would not surprise me for him to turn around the company or set it up for a buyout.
Share buy back started?
The warning bells are cash flow from this morning and rent collection figures .... while relying on liar Johnson’s Build Build Build campaign jam tomorrow.
The company itself and staff are amazing ... but this is about survival .... will it?
That depends on what type of property.
Office and retail focused developers and landlords are going to have a difficult period and when landlords are able to evict commercial tenants (the government is currently preventing this) this will in my opinion lead to a period when this market starts to bottom. Though it should be noted that UAI's commercial assets that have been sold have been sold have been sold at or greater than book value - during the presentation this morning they said there wouldn't be a fire sale as they're able to satisfactorily meet their debt payment obligations.
However, UAI's developments are residential dominated mixed-use developments where the non-residential land uses generally support the future residential occupiers i.e. corner shops, cafes and restaurants. Coming out of every previous recession since the 80s there has been an extended bull market in residential property and this time will be no different. What's more this time we have a government (which though useless in many respects) has a focus on "Build, Build, Build" and reform of the planning system. I work in the property development industry and dealt with Boris and his right hand man Sir Ed Lister when they were running the Greater London Authority. These guys get residential development and head the most pro residential development regime at no. 10 in decades.
DYOR / GLA
trading at 34% of NAV but hard to see a catalyst thats going to change that anytime soon
....isn't going to stop this wave on property values. My view is we are in play if any other outfit has any spare cash to buy us! Let's see how far we drop from here. and I might have to throw more at it but not above 50p.
Net current assett is 171m that is double current market.
Investor presentation just now I thought was pretty solid. As is typically the case when a new CEO takes over after a stock price has had a bad period they get all the bad news and write downs out of the way ASAP so the only way is up. I also thought the new CEO was confident, new the business very well and had common sense. They consider their company significantly undervalued, which is pretty obvious when the NAV is 193 pence.
At the end of the presentation the CEO mentioned that he would consider a share buyback, because the price is so undervalued. I personally would prefer this to a dividend as long as the stock price is so far below the NAV. I find it ridiculous that so many companies buyback shares at the top of the market, but virtually none do at the bottom.
Personally I'm glad the CEO is going. He should of gone a while ago. Richard Upton imo is a good replacement. He knows how to run a company and also has a huge stake in the company.
Much of this news was already priced in, the CEO departing is good news as he led a big drop in share price over the years. I can only see positives: reducing debt, focusing on income generation, further cost cutting etc. They have a number of oven ready high GDV schemes that have planning permissions that will be built out into what I believe will be a bull market in property during the 20s. Furthermore, directors are buying the shares.
U+I also have a great reputation for regeneration and are near the top of the list of any government authority or landowner that wants to develop a difficult site. The government needs to pay off debt whilst local government will face further cuts and this will result in the development of their land through either direct sale or JVs with companies like U+I. Firmly believe this stock's price will be much, much higher in coming years.
...... Share price is holding up reasonably well, so most of this seemed priced in. I'm holding with a target around 100p.
Didn’t expect that wow
My average was 68
I have dumped my 10k
How the market can deceive !!!
JW, I concur.... Even the diluted NAV is 179pps, so assume a distressed sale gives 100pps we stil have potentially 50% upside. Operating costs seem high but in line with last year. Suspect we will see some consolidation, a smaller more reliable income stream and some debt paid down. Potentially some large capital losses to carry forward so who knows, maybe even get took out buy a REIT or similar.
For me, at least, there is no obvious reason to either buy or sell. On the one hand, there are clearly some challenges in the near/mid term; however, the TNAV of the company is still considerably more than the market cap.
With the price of metals and raw materials flying through the roof ... profit margins will be down even if the business does make it ... real shame some of their projects are outstanding.
But not much to shout about .... CEO going is not good news ... position reduced over last 4 days .... to zero this morning.
Could go to 30p could go to 120p flip a coin. I’ve no idea but risks of cash flow problems sing out .
Interims tomorrow, maybe positive news?
GLA
Yep good to see it start moving in the right direction - finally!
Looks like someone is building a stake here while the price is low.
This share is my only loser overall for this year .... hold retail assets and in building .... so not difficult to see why .... got 2% of the portfolio in here but actually liked the last RNS report with directors taking a hit ... this seems priced ready to go bust or back to £2 ...
I’m betting on £2 obviously.
GLA next week ... and keep some cash ready for results if needed ??
Interims 19th January if they are not taken out by then !!
Price to Net asset value is amazing !!
A absolute snip at a pound a share