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|24/10/2016 16:06:00||GlobeNewswire||Wereldhave N.V.: Change to the organisation of Wereldhave in the Netherlands|
|21/10/2016 06:45:00||GlobeNewswire||Wereldhave N.V.: Press Release Trading update Q3 2016|
|30/08/2016 07:35:51||London Stock Exchange||N.V. proposes nomination|
|21/07/2016 07:10:28||London Stock Exchange||Results first half 2016|
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Providers covering WERELDHAVE NV
2016 should focus on improving occupancy
04 Feb 16
GRI stood at €207m, a jump from €126m in FY14, mainly coming from massive acquisitions: a portfolio of 6 shopping centres in France (from Unibail end-2014) and 9 additional shopping centres acquired from Klepierre in the Netherlands in 2015. Net profit increased to €27m and EPS at €3.23 gained 9% yoy and the dividend proposed at €3.01 per share is up 5% and exceeds our expected €2.87. Wereldhave also exited the office segment in France, with the disposal of the three remaining assets for €401m. The proceeds - coupled with a capital increase — partially funded the acquisition of the Dutch retail portfolio, bringing down the LTV to 37.5% from 40% at Q3 15 and maintaining the cost of debt stable at 2.2%. For 2016, management plans to focus on operations. EPS growth is expected at 6-9% and dividend at 4-6%, while the LTV is expected to be maintained below the 40% threshold.
Increasing scale in the Netherlands
29 Jun 15
Wereldhave has announced the acquisition of a 9 shopping centre Dutch portfolio from Klepierre for €730m, consisting of €687m for operational properties and €43m for the development (in the CityPlaza). The assets acquired at a 6.2% yield are expected to contribute as much as €45.1m to NRI from 2016. 25 professionals will be joining Wereldhave from Klépierre (o/w 15 entirely dedicated to the new portfolio). The transaction is expected to be EPS accretive as soon as 2016. To finance the acquisition, Wereldhave raised €275m in an equity issue (5,250,000 new shares) and plans to fund the remaining by debt c.€500m, through cash and debt facilities (in the short term), but also plans on disposing assets of €350-450m to repay additional debt and maintain a targeted LTV of 35-40% in the medium term. Management also confirms the guidance of a direct result CAGR (prior to the share issue) of 6-9% over 2014 to 2016.
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Highly concentrated portfolio, strong performance
26 Oct 16
Finsbury Growth & Income Trust (FGT) aims to generate long-term growth in capital and income from a concentrated portfolio of primarily UK equities, which are held for the long term. FGT is benchmarked against the FTSE All-Share index, but is not constrained by its composition; c 70% of the portfolio is invested in consumer stocks. The trust has a progressive dividend policy and annual dividends have compounded by 6.9% pa since FY11; the current dividend yield is 2.0%. FGT has outperformed its peers and the benchmark over one, three, five and 10 years. Strong investor demand along with capital appreciation means the size of the trust has grown significantly; assets under management now approach £1bn.
21 Oct 16
STM* (STM): Acquisition of London & Colonial (CORP) | Hurricane Energy (HUR): £70m placing and open offer (BUY) | Firestone Diamonds* (FDI): Liqhobong commissioning update (BUY) | Accsys (AXS): Acorn aiming to be a mighty oak – analyst interview (BUY) | Avacta* (AVCT): Act now… – analyst interview (CORP) | Tristel* (TSTL): Full year 2016 results – analyst interview (CORP)
Acquisition of London & Colonial
21 Oct 16
The acquisition of LCH for up to £5.4m adds a SIPP offer to STM’s portfolio as well as strengthening the group's Life and QROPS books. Employing cash, debt and an element of deferred purchase terms makes the deal usefully earnings-enhancing, adding £0.5m to 2017 estimates. Forecast EPS of 5.9p for 2017 places the shares on a PE multiple of 8.0x, while retaining net cash on the balance sheet leaves the group well positioned to maintain its commitment to a progressive dividend policy.
UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
11 Oct 16
Steve was street savvy, but he was not the smartest knife in the drawer, which makes his Delphic comment to Robert Vaughn all the more surprising. What Steve was saying is that “it’s not over yet”; that there is still a lot more to come (sadly for McQueen, who died in 1980 aged 50, it was a future that was not his). The same is true of Brexit and the collateral undulations that it has riven in the UK Housebuilding Sector. Immediately post-the-Brexit-vote, the UK Housebuilding Sector tanked 36% in value in two trading days (24 and 27 June with a weekend in between); and at one stage was off almost 40%.
N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.