The Lemon Fool

Full year results for Hansteen are due on Monday. This one has been on my watchlist for a while but I have never bought. I note that the return of capital last year was not received well (on this forum at least). The half year results last year seemed OK, but the share price has been under 100p ever since. Nav was reported as 100p at the interims so is at around 8% discount. Am I missing something here? Hansteen invest primarily in industrial property mostly in the UK, so I would expect that like many REIT's they are under the cosh at the moment with the Brexit uncertainty. Does anyone else have a view?

bailey

bailey56 wrote:Full year results for Hansteen are due on Monday. This one has been on my watchlist for a while but I have never bought. I note that the return of capital last year was not received well (on this forum at least). The half year results last year seemed OK, but the share price has been under 100p ever since. Nav was reported as 100p at the interims so is at around 8% discount. Am I missing something here? Hansteen invest primarily in industrial property mostly in the UK, so I would expect that like many REIT's they are under the cosh at the moment with the Brexit uncertainty. Does anyone else have a view?

bailey

I have held HSTN for nearly 5 years now. XIRR of 10.7%. Satisfactory, but no star.

Following the two returns of capital in 2017 and 2018, my holding is now under 50% of my median. Time, I wonder, to double or quit?

I shall look at Mondays results with interest.

Other REITS in the same sort of sub-sector (distribution and industrial) are London Metric and Segro. Segro does not appear to be under any sort of Brexit cosh - possibly because so much of its business is on the continent. Should I decide to sell HSTN, then one of these two, or the general property IT, TRY might get the proceeds. If the results read well, then I may even add to HSTN.

Thanks for that 77ss.

I note from a press article from some time ago, that Hansteen have a 'buy low, sell high' policy on it's property assets - which presumably accounts for the multiple returns of capital (and I assume some previous capital raising). Historic yield is now 6.68%.

bailey