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Talking to some big rental property managers and there is a lot of talk of banks and funds looking to take over the space.
there is far more money to be made in these funds moving to rental and away from providing mortgages.
look at what Lloyds and John Lewis are doing with their active target of growing their rental property portfolios.
Now the CEO has left could very well see a takeover offer land soon in the £200 to £250m region.
Agree. This is ridiculously cheap now. I believe in the long run everyone would wish that the bought more at these levels.
Cash in hand, property assets, and £1.7b of projects signed.
could see a takeover bid land in the £200m to £250m region.
would be a great buy by some property funds or management companies.
Sold out at 50p as many others dud.
Small profit, but one none the less.
Too many lacklustre days. No rebound on the horizon.
This will take some time to recover with a poor 2023 already forcast.
GLA
Off to better opportunities
Some big sells and the price has stayed strong.
Get ready for new CEO announcement and accountments of additional contracts.
Quite disappointing and even a bit scared that the SP hasn't bounced back already. But in reality the FTSE in general seems to be a zombie at this stage. Lifeless. Hopefully the rest of the week will show some upside movement to encourage the holders!
It was a funny day for the markets, keep in mind a lot of senior people are now on holiday, and the juniors always play it safe for the first few days.
However, taking into account cash in hand, and the £1b revenue pipeline already signed, the share price should be in the mid 70's, so there is a ton of upside from here.
Plus the shorts have become stuck, so expect 1.5% of the free float to be bought this week and next, based on previous short periods.
this share is safe as houses (pun intended).
No positive runes today.......... whats the net debt? I see its all on variable rates about 2.5% above various bench marks. Perahps thats why the CEO has resigned.......surprised borrowing cost was not fixed 2 years ago.
Great consolidation, sellers gone, ready for re-rate back up.
Lots of profit to be easy made on this.
Looking at Alan Giddins career, a buy short of £200.000 looks like peanuts .
Let's look at some recent cryptic statements:
"We have also reviewed our balance sheet against this more challenging macro-economic backdrop and increased cost of funding. We continue to explore the sale of a limited number of non-core assets on our balance sheet and consider it prudent to reassess the carrying value of certain assets with the expectation that this will result in an impairment charge of c. £10m."
What is wrong with the cost of funding to command the sale of a vague "non-core asset on the balance sheet". Is this prospective sale of asset related to the increased cost of funding - can the company service their debt?
Why "to reassess the carrying value of certain assets on our balance sheet" - whatever this asset is - "with the expectation that this will result in an impairment charge of c. £10m". Are they declaring certain assets on the balance sheet that should not be carried, hence the need to reassess? £10m is not little money.
Add to the above the "exceptional provision for remedial works for legacy properties by an additional £30m to £35m", which is the best and not the worst estimate.
"The strength of our balance sheet and agility of the business allow us to remain proactive in the market." What strength of the balance sheet? The same balance sheet that needs "reviewing"? Add to this a degree of cash outflow. Cash position in Q4 2022 was £110m.
Add to the above the CEO stepping down. Would WJG have done better, had the CEO stirred the company in a better direction? At first glance it looked like the blame was put on the challenging macro economics.
Not hard to believe investors aren't happy with the current, quite vague, update.
The only reassuring factor is the director buy, however is this enough to reassure investors? 2 days on and we don't see the share price recovering significantly.
Nice big trades after hours, gearing up for another run back to the top:
All appear to be buys!
27-Jul-23 17:17:55 48.812 30,751 Unknown* 48.35 48.65 15.01k O
27-Jul-23 17:14:29 48.729 37,085 Unknown* 48.35 48.65 18.07k O
27-Jul-23 17:09:35 48.45 427,861 Unknown* 48.35 48.65 207.30k O
27-Jul-23 17:08:37 48.45 184,361 Unknown* 48.35 48.65 89.32k O
27-Jul-23 16:48:19 48.82 25,455 Unknown* 48.35 48.65 12.43k O
Profit takers clearing, platform formed, back to the 60's!
I sold 7 out of 10 HMOs. I have students begging me, in tears, for rooms.
Rents are spiralling upwards.
Looks like any major sellers have cleared, and even the profit takers have dried up.
Expect that is will now start the strong move back to the 60's, and the shorts will be looking to close position fast while they are still in profit.
Worldquant have reduced fro .91% to .89%.
Only a small reduction, but us the second in 4 days.
SP has been stable at close to 50p
Looking good for gradual increase over coming days.
I can't see any big jump happening as other seem to be saying.
Happy to hold for long term gains over the next 12 months, where I see this at £1+.
Watkins Jones also run student accommodation, and apparently their books are completely full this coming year.
Overall this company should have an MCAP of £500, so circa 195 per share, so about 280% increase from here.
Thanks for sharing, per my earlier posts I feel WJG has kitchen sinked everything to a worst case scenario. I think each quarterly update for the next 2 years will likely be positive and we we come back to a decent SP. We have 2 land sales that whilst delayed could happen, some good projects work in progress and rental shortages across the UK especially student accommodation. I think we will see even more Director buys soon as the progress picture becomes clearer.
Https://www.bbc.co.uk/news/business-66246223
Queues of 20 to find a rental property…
They have some historic leased PBSA assets they could sell, i would class those as non-core. or something from the traditional housebuilding side. where are you seeing increased finance cost? your net cash figure doesn't look right either.
What is non-core asset that the group selling, and why is it necessary to cover increased financing cost, when the company has £100m+ in cash?
Something doesn't add up.
ClareSmith "company setting up for a good H2 2023". They just announced they will be troubled for H2 and 2024...!?
Rocket fuelled, getting ready for a move up through the 50's to the 60's
I have now doubled my holding on this, if you a interested look at a company called XPF they have had a transformational year and currently under the radar.
I have bought and sold WJ before and was so shocked to see the big drop the other week I had to buy more at 46p this should be minimal 60p in my view even with all the recent disappointing news.