The Lemon Fool

BullDog wrote:Thanks Skyship and others. I'll just need to take a look if BOXE pays GBP dividends. I really don't want Euro dividends.

https://www.londonstockexchange.com/new ... n/15745179

"The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in Continental European logistics real estate assets, has today declared an interim dividend in respect of the period from 1 July 2022 to 30 September 2022 of 1.25 cent per Ordinary Share, payable on or around 13 January 2023 to shareholders on the Register on 16 December 2022. The ex-dividend date will be 15 December 2022."


Noting

In accordance with the Company's dividend policy, dividends are declared in Euro and paid, by default, in Sterling.

(my bold/underline)

Just note that they are paying a mix of P.I.D. and Dividend which might cause issues in a taxable account.

"0.21 cent of each 1.25 cent dividend per Ordinary Share will be designated as interest distribution."


ISIN GB00BG382L74

I bought some "BOXE" on 4th May 22 at 1.14 euro

Fortunately a very small (NS) qty. I might consider "doubling down" ..I thought they were ok at 1.14...


NS ..first word being "nit".

monabri wrote:

BullDog wrote:Thanks Skyship and others. I'll just need to take a look if BOXE pays GBP dividends. I really don't want Euro dividends.

https://www.londonstockexchange.com/new ... n/15745179

"The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in Continental European logistics real estate assets, has today declared an interim dividend in respect of the period from 1 July 2022 to 30 September 2022 of 1.25 cent per Ordinary Share, payable on or around 13 January 2023 to shareholders on the Register on 16 December 2022. The ex-dividend date will be 15 December 2022."


Noting

In accordance with the Company's dividend policy, dividends are declared in Euro and paid, by default, in Sterling.

(my bold/underline)

Just note that they are paying a mix of P.I.D. and Dividend which might cause issues in a taxable account.

"0.21 cent of each 1.25 cent dividend per Ordinary Share will be designated as interest distribution."


ISIN GB00BG382L74

Thank you very much. I have just been trying to determine what is what with respect to dividend currency and couldn't be 100% sure.

So, it seems if you buy EBOX the dividend is declared in EUR but paid in GBP. But if you accidentally buy BOXE, then the dividend is declared and paid in EUR?

I am cautious with this since I once bought shares in GBP without actually realising I got the dividends paid in a foreign currency. Until that point I had no idea that the currency a share trades in is not automatically the currency the dividend is paid in. So these days I am super cautious about it. Thanks again.

Exchange rate for the divi announced:
https://www.londonstockexchange.com/new ... t/15768674

‘0.8742 resulting in an interim dividend of 1.0928 pence per Ordinary Share. 0.21 cent of each 1.25 cent dividend per Ordinary Share will be designated as interest distribution’

Old Plod.

I do not hold, but my wife does, EBOX, the gbp version.

We've already seen a good rise in EBOX since I posted on 16th December. Up from 60p to 67p and knocking at a chart resistance level. Break through 67p and my target is for 80p.

Well, today that ceiling shattered - now at 68.5p. Discount still 43.9% and the yield at 6.45%.

If viewers still undecided, then I urge you to watch the results Presentation - link in my above 16th Dec'22 post.

Confused, I see BOXE Tritax Eurobox, on AIC, but not EBOX.

Which should we be buying, and are there two different ones or is this a typo?


Arb.

Arborbridge wrote:Confused, I see BOXE Tritax Eurobox, on AIC, but not EBOX.

Which should we be buying, and are there two different ones or is this a typo?

Arb.

Yes, both versions exist...see discussion in this thread. My issue was that my platform only allowed purchase of BOXE.

EBOX shareprice c.68p
BOXE shareprice c.0.79 euro

EBOX & BOXE : "Tritax EuroBox plc invests in and manages a well-diversified portfolio of large Continental European logistics real estate assets, which fulfil key roles in the logistics and distribution supply chain"

For EBOX , "In accordance with the Company's dividend policy, dividends are declared in Euro and paid, by default, in Sterling".

( I guess BOXE declares and pays in euros).


And the other family member.

BBOX "To deliver income and capital returns to shareholders through investment in Big Box assets in the UK."

monabri wrote:

Arborbridge wrote:Confused, I see BOXE Tritax Eurobox, on AIC, but not EBOX.

Which should we be buying, and are there two different ones or is this a typo?

Arb.

Yes, both versions exist...see discussion in this thread. My issue was that my platform only allowed purchase of BOXE.

EBOX shareprice c.68p
BOXE shareprice c.0.79 euro

EBOX & BOXE : "Tritax EuroBox plc invests in and manages a well-diversified portfolio of large Continental European logistics real estate assets, which fulfil key roles in the logistics and distribution supply chain"

For EBOX , "In accordance with the Company's dividend policy, dividends are declared in Euro and paid, by default, in Sterling".

( I guess BOXE declares and pays in euros).


And the other family member.

BBOX "To deliver income and capital returns to shareholders through investment in Big Box assets in the UK."

OK, thanks - I will think about it. It would be nice to have the diversity, but I'm trying to avoid too many middling size holdings. I like dividends arriving in big chunks!

EBOX really motoring now, breaking through 72p....next stop my target of 80p.

SKYSHIP wrote:EBOX really motoring now, breaking through 72p....next stop my target of 80p.

Looks a bit ambitious now given the HY results this morning: https://www.londonstockexchange.com/new ... 3/15961613

A 24% reduction in the EPRA NTAV to 91p is sobering, to say the least.
All the best, Si

A lot has happened over the past 5 months since the last post; most especially the dramatic and damaging rise in interest rates.

The rise from 0% to 5%+ has decimated the commercial property sector; especially those with high LTVs and approaching debt maturities.

For now though it looks as though the central bank rate rises may have been completed; though the general opinion is that reductions won't be until Summer of 2024 rather than anytime earlier.

Nevertheless, we all know that Markets look ahead, so sometime soon we may start to see a recovery in those share prices where cavernous discounts may reflect excess falls and under-valuations.

EBOX in particular looks absurdly cheap for many reasons:

# they have no debt issues. Their E500m Green Bond doesn't mature until mid 2026
# their LTV is temporarily too high, but sales are already reducing to a 40% target
# their logistics portfolio is in continental Europe where valuations have held up better than in the UK
# At 50.5p the shares stand on a 44% NAV discount
# At 50.5p the shares yield 8.6% on a stated secure 5.0c dividend

The current bizarre share price could make EBOX a very tempting morsel for some PE or Pension fund!

BUY for a recovery or a bid; and enjoy the 8.6% yield whilst you wait...

SKYSHIP wrote:A lot has happened over the past 5 months since the last post; most especially the dramatic and damaging rise in interest rates.

The rise from 0% to 5%+ has decimated the commercial property sector; especially those with high LTVs and approaching debt maturities.

For now though it looks as though the central bank rate rises may have been completed; though the general opinion is that reductions won't be until Summer of 2024 rather than anytime earlier.

Nevertheless, we all know that Markets look ahead, so sometime soon we may start to see a recovery in those share prices where cavernous discounts may reflect excess falls and under-valuations.

EBOX in particular looks absurdly cheap for many reasons:

# they have no debt issues. Their E500m Green Bond doesn't mature until mid 2026
# their LTV is temporarily too high, but sales are already reducing to a 40% target
# their logistics portfolio is in continental Europe where valuations have held up better than in the UK
# At 50.5p the shares stand on a 44% NAV discount
# At 50.5p the shares yield 8.6% on a stated secure 5.0c dividend

The current bizarre share price could make EBOX a very tempting morsel for some PE or Pension fund!

BUY for a recovery or a bid; and enjoy the 8.6% yield whilst you wait...

Tempting, but I bought BBOX instead, which has proved rather better. Might be interesting to keep and eye on the chart and buy in when the trend is up instead of down.

Arborbridge - BBOX has indeed held up better than EBOX; which is precisely why EBOX is now so attractive. It has been sold down to an absurd level by a poorly executed 3.2m sale worked through over the past 2weeks. Next week could start to see the shares recover the recent loss.

I view them as the BEST BUY in the sector. At 48.75p the discount to their Mar'23 NAV is 45.9%; but more importantly their yield is a massive 8.90%.

Their Interims back in May just reinforced everything the bulls say about EBOX. Quality, assets; quality tenants, rising income, secure dividend. LTV modestly too high, but a reduction through minor sales projected. Debt costs low, RCF only half drawn, medium term maturities.

Well worth spending a fruitful 50mins viewing this Presentation:

hxxps://stream.brrmedia.co.uk/broadcast ... 24552e4f2b

So, EBOX now @ 55.5p - up 14% since my last post. Over the past couple of days they have revealed another couple of property sales. Add those to the one sold in early October, they have now raised E139m in their welcome quest to reduce LTV to nearer 40%. Sales overall close to Mar'23 valuations.

Next RNS will be the Prelims on Tuesday, 5th December.

EBOX duly delivered the Prelims - see Webcast below.

https://stream.brrmedia.co.uk/broadcast ... 1d649d3bd3

The figures were better than anticipated, with these two standouts:

# EPRA NTA at E1.02- a fall of less than 3% in the 2nd half to Sept'23

# EPS up 30% to 5.51c - so the 5c divi covered 110%

The shares responded accordingly, closing Friday at 59.4p - up 30% from recent lows

There is an interesting similarity between the last 6week, 20% sell-off back in Sept/Oct when EBOX fell 20% from 55p to 44p; and this Dec/Jan sell-off - from 62p to 49p - same time dimension, same % fall and same oversold lows shown on the RSI & MACD charts.

The last sell-off rewarded bottom-fishers with a rapid 33% rise shortly thereafter. I was lucky enough to go well overweight at the bottom; and have now replenished for a 2nd bite at this plump cherry.

Plump in terms of discount at 43%; and a very plump yield of 8.7%.

Takeover rumours now circulating.

EBOX price up by 12% over last 2 trading days - now 63p.

Last week we saw the EBOX interims. All good on disposals and the income front; but the NAV declined rather more than I'd anticipated; so took the opportunity to cash in on the recent 25% recovery into the 60s.

These are a good long-term HOLD. But at c61.5p the gloss had come off the overwhelming value. So, out for the time-being; but looking to be back in again soon. Of the continentals CLI & SERE currently better buys.