In QuotedData’s morning briefing 15 November 2024:
- Fondul Proprietatea (FP.) has published its quarterly report for the three months ended 30 September 2024. The Adjusted NAV per share as at 30 September 2024 was RON 0.7319 per share, which is 10.76% higher than its value of RON 0.6608 as at the 31 December 2023. The fund’s discount to NAV has increased significantly YTD. During this year, new legislation was introduced limiting share buy-backs to 10% of share capital. In addition, a significant shareholder requested new points to be added to the 27 September 2024 GSM agenda, including the preservation of the portfolio and the prohibition of further share buybacks. However, these items were rejected by the majority of shareholders during the meetings in question. Finally, during the nine month period ended 30 September 2024, the company says that there has been a significant shift in its shareholder structure away from institutional investors to retail investors, which it adds underlines the selling pressure which has led to the widening of the discount to NAV.
- Land Securities (LAND) has reported positive half-year results to end of September as the real estate sector continues to show signs of sustained recovery. EPRA net tangible assets (NTA) was up 1.4% to 871p per share thanks to a stabilisation in yields and a pick-up in investment activity that saw the value of its portfolio increase 0.9% to £9,957m over the six-month period. EPRA earnings were 25.0p (Sept 23: 26.7p) as £500m of sales in the period was partially outset by 3.4% like-for-like net income growth and an improvement in operating margin. The company expects full year earnings to be in line with the 50.1p delivered last year. Its dividend for the period was up 2.2% to 18.6p. The group’s balance sheet remains strong with loan to value (LTV) comfortable at 34.9% and average debt maturity at 10.0 years. It has £2bn in cash and undrawn facilities providing it with the capacity to grow at an attractive point in the market.
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