Member Info for zccax77

I am not sure their new strategy of writing more personal and unsecured loans works in this new environment. They need a new new strategy.

Nationwide, the UK’s largest building society, has abandoned a move into business banking due to the impact of coronavirus, causing further disruption to a government scheme aimed at boosting competition in the sector.

Nationwide said it would return a £50m grant it received to fund its expansion, after the Bank of England’s emergency interest rate cuts meant its business plan was “no longer viable”.

https://www.ft.com/content/91a25330-5cea-479d-b12c-c2b602b59391

Hammerson have very little exposure to Debs, I would say less than 1% of rent. Though from a floorspace perspective that might be more like 3%.

I sold out of here at 330p. Never did i think in a million years this will go to 50p. If I was orion I would cancel this $400m deal and buy hamerson instead. It might be a difficult few months ahead but this time next year this will be back to normal. Their outlet portfolio grew by 8% last last year. Their outlet portfolio is valued at £2.7bn which is about the same as their debt. They could sell (there will be takers after this pandemic is over) that, clear their debt and still sit on a portfolio worth £5bn+ which mr market is valuing at £400mn.

I doubt there will be any forced sales, the banks will be told to forbear.

Their entire loan book is collateralised with a LTV of 60%. You see house prices falling by 40%+ in the next few months?

Why has this gone down so much?

If this gets worse, their Barclaycard business is in a lot of trouble.

Doubt this will be delivered on time in August.

https://www.ft.com/content/0ed8c30c-69f3-11ea-800d-da70cff6e4d3

Hence Barclays being slammed due to their large credit card business.

VMUK are going down mainly due to their loan book which is not backed by collateral. Sooner or later the market will rate metro back up on the basis that this is no longer a BAU profit/loss situation, this is now about how bad the NPL's are going to be. Metro's entire loan book is collateralised with property with a LTV of <60%. The ex management, were very risk averse and hence did not build the <£25k personal loan book or the credit card business, this will now ensure Metro survives.

Theo, thanks I looked up Masada the other day. It was very informative.

:)

Down 23% today. rightly so. 12% of their loan book is uncollateralised loans. First thing people stop paying when times get hard.

After what happened to KIE in 2018 and Metro in 2019, how could the board be so short sighted.

Their entire balance sheet is collateralised, compare that to some of their peers. There is a reason their profitability is so low, mainly because they never chased risky loans. This will now come in handy in a recession. How many people do you know will hand in the keys when interest rates are 0.25%?

Franky, no one told you about their fortress balance sheet?

“fortress balance sheet”

Remember the Spirit of Adventure is still being built so wont come into service before August this year.

They currently only operate one cruise ship, the second will be delivered in August. The ships has a operating cost of £41m each so saga have enough cash flows from their insurance business to help them offset losses from cruise, their tour business is mainly third party managed.