Greyinvestor
23 Aug 2017
Half year results Results out today.NAV +2.8% based on EPRA NAV @ 132.5pYou need to look into the NAV carefully, though. As a result of the sale of non UK businesses, there is a 'one off' gain, which in turn triggers an LTIP liability, which essentially means that all of the NAV gain accrues to the directors as a bonus accrual. Call me a cynic, but you can't help suspecting that the non UK sale may well have been made with this in mind.In my view the NAV is therefore unchanged and shareholders are not gaining from the above sale. The IFRS view is that there has been an increase in shareholder value, of maybe 4%.The dividend is +4.5% to 2.3p - goodFuture dividend outlook is for further increases - goodThe distribution of sale monies will come as a return of capital - good.Future prospects are good on both the capital and income side.So my only gripe with Hansteen is that due to the LTIP, the directors are getting the lions share of NAV increases. I'll take the capital distribution and reduce my exposure to the stock. Or have I got this wrong? It's just my opinion, having read the results.......The LTIP was supposed to be being reviewed. It hasn't been.
theprior
06 Jul 2017
Distribution to S/Hs Anyone heard anything ??How much, Gwen it might happen, what's the cut off date ?Thanks, TP
theprior
28 Apr 2017
Annual report posted 5.9p divi. ExD 20 April.Contracts exchanged for sale of Dutch and German assets.TP
EssentialInvestor
01 Apr 2017
Onwards and Upwards!. - and Dividend Final Dividend of 3.7 pence to come, XD this month.Hopefully some great longer term returns to look forward to.
II Editor
27 Mar 2017
NEW ARTICLE: Stockwatch: A 5% yield and discount to net assets "It's pertinent to review the investment case for mid-cap commercial property investor LSE:HSTN:Hansteen since I drew attention to its shares at 109p two months ago, yielding 5.2%.On 10 March I also suggested a switch into Hansteen from ..."[link]
myepic
23 Mar 2017
from IC Hansteen sells out of EuropeHansteen sells out of EuropeThe release of full-year profits for Hansteen Holdings (HSTN) was overshadowed by news that the commercial property landlord is to sell its portfolio of Dutch and German properties at a 6 per cent premium to the December 2016 valuation, and a 30 per cent premium to their value 12 months previously. After expenses, this will leave Hansteen with around £650m, a substantial proportion of which is expected to be returned to shareholders. The sale will leave Hansteen with a UK portfolio valued at around £677m.An upward revaluation in the property portfolio (although not as large as in 2015) and higher rental income pushed adjusted net asset value per share up by 16 per cent to 128.9p at the year-end. Demand for smaller urban distribution and light industrial warehouses, as internet retailers seek out appropriate 'last mile' distribution centres to facilitate deliveries, helped to drive normalised income profit or recurring earnings up by 29.4 per cent to a record £61.1m. On top of this, asset sales netted a further profit of £4.7m.Acquisitions included the 18.2 per cent of the Ashtenne Industrial Fund Unit Trust that Hansteen did not own, for £49.7m, and after the year-end it made an offer for Industrial Multi Property Trust, valued at £25.2m.Analysts at Jefferies expect adjusted NAV to reach 132p by the year-end.HANSTEEN (HSTN)ORD PRICE: 122.7p MARKET VALUE: £913mTOUCH: 122.6-122.8p 12-MONTH HIGH: 130p LOW: 95pDIVIDEND YIELD: 4.8% TRADING PROPERTIES: £10mDISCOUNT TO NAV: 1% INVESTMENT PROP: £1.72bn NET DEBT: 79%Year to 31 Dec Net asset value (p) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p)*2012 81 46 6.2 4.52013 86 65 9.1 4.82014 99 131 17.6 52015 105 171 21.3 5.252016 124 120 14.8 5.9% change +18 -30 -31 +12Ex-div: 20 AprPayment: 18 May*Excluding special dividend of 3p a share paid in 2016IC VIEW:Even without the asset sale, Hansteen was paying an attractive dividend. Yet the shares still trade at a discount to forecast per-share net assets. Buy.Last IC View: Buy, 116p, 23 Aug 2016
Greyinvestor
21 Mar 2017
Reflections Having had 24 hours to mull this over, I think that this is probably a very shrewd move by an exceptionally experienced management team. Let's see whether they are wondering about a complete exit. The history of the team lies in buying at the bottom and selling at the top. I can't see what else there is to buy at a low price in the UK. I can't help but feel that there must be something more to come; a complete exit or a new market entry. Let's see.A strong Hold for me. I'm not convinced that the global recovery is that solid; the UK is still spending and borrowing, the USA is slowing. Ironically it is the EU that looks OK at the moment. But we'll see.
I R Baboon
20 Mar 2017
Re: Stunned FWIW they may not distribute as a dividend Taliesin did similar and they usually issue a new class of share just for the purposes of an immediate redemption which I think Is tax neutralI may be wrong as i haven't had time to read the info yet
Greyinvestor
20 Mar 2017
Re: Stunned Me too, they announced early.Not sure that they have enough new stuff to buy in the UK. Next stop Poland or Turkey?! Gulp.....Don't forget that Euro appreciation means that income goes up as well as capital. I certainly don't want taxable money back, something that boards often forget when they are actually returning capital.But the management have done well; they know how to buy and sell.
EssentialInvestor
20 Mar 2017
Re: Stunned Firstly, apologies as I thought these were Tuesday. Why?, GBP/EURO, perfect time to exit.Huge undeveloped land acarage in the UK, offer for IMPT.They are shifting focus to the UK, it's exactly what I hoped for.
Greyinvestor
20 Mar 2017
Stunned I'm simply stunned by the announcements made today by HSTN, which is one of my 'top two' holdings. I'm out for most of today, so haven't got time for too much detail.Results first;NAV 129p v 111p - good/excellent a big currency tailwindDividend 5.9p v 5.25p - excellentFinal divi 3.7p v 3.15p - excellent, XD 20 Apr, paid 15 MayDebt ratio 40% - fineNIP £61m v £47m - outstandingNo trouble there, then. Well done the board. Didn't find any news of a new LTIP, but not much time to look.Now the disposal announcement. Good grief. Why?! I certainly don't want money back as a dividend, because it will be taxable, and I'll only need to reinvest it. I hope that the board a) work out not to inflict tax on shareholders and b) offer a reinvestment choice. Finally c) I hope that they are planning a big new move forward rather than selling up. I need the income!I'll be interested to hear views.......DYOR as always.......
EssentialInvestor
19 Mar 2017
Results Tuesday n/m
EssentialInvestor
02 Mar 2017
3 weeks to results These should read very well imv.Economic data in the EU countries where HSTN operate has picked up markedlyin recent months, with UK growth continuing to surprise on the upside.The December trading update looked highly positive, so hopefully more of the same,coupled with a nice dividend uplift.Hoping for year end NAV at 1.26 +. As always, all IMV only, please DYOR.
EssentialInvestor
14 Feb 2017
Re: Income attractions. Highest price since last October from memory.
EssentialInvestor
08 Feb 2017
Income attractions. Yield attractions may get some added focus with the March FY.Dividend looks well covered, vacancy rate falling. Occupying a very interesting sector niche.All IMV as always.
