Packer16 Posted August 31, 2012 Posted August 31, 2012 Did you guys notice FFH purchased a Greek REIT? The REIT is Eurobank properties and has more cash then debt and has FFO yield of 18% once the cash is pulled out. Packer
StubbleJumper Posted August 31, 2012 Posted August 31, 2012 Didn't they purchase Greek bonds about 18 months ago? I'm guessing that one hasn't worked out exceptionally well, but the REIT is at least backed by real estate that has presumably had meaningful value for the past 4,000 or 5,000 years.... SJ
berkshiremystery Posted September 1, 2012 Posted September 1, 2012 Did you guys notice FFH purchased a Greek REIT? The REIT is Eurobank properties and has more cash then debt and has FFO yield of 18% once the cash is pulled out. Packer You did surprise me with that announcement,... well,... I did already wonder when they would do some investment into Greece. But the deal is relative small,... only some 43 million Euro. Here's the press release: Acquisition of Eurobank Properties REIC’s treasury shares by Fairfax Financial Holdings Limited. Marousi, August 22, 2012 http://docs.noodls.com/viewDoc.asp?filename=67055/EXT/635C18B3E52FD4B1D8A454778419FFCEC798F401_83840E548154B2F73F68EF7ED1389C0C18D2663C.PDF Fairfax Financial Holdings Limited acquired 9,017,987 shares of Eurobank Properties REIC yesterday, at an acquisition price of €4.75 per share. The seller was Lamda Development S.A.
berkshiremystery Posted September 1, 2012 Posted September 1, 2012 Also some more links about Eurobank Properties: http://www.eurobankproperties.gr/default.aspx?lang=en-US Stock Performance 30/08/2012 Stock Closing Value 4.42€ Change -4.12% Capitalization 269.620.000€ NAV per share 30/06/2012 NAV 10.32€ With the last company presentation as June 2012: http://www.eurobankproperties.gr/EurobankPropertiesUploads/presentations/2012_06%20Company%20Presentation.pdf ▪ Largest Investment Property Fund in Greece ▪ High quality property portfolio and solid tenant mix (EFG Group, AB Vasilopoulos, Carrefour, Praktiker, H&M, L’Oreal, P&G, CYTA Hellas) that produced annual rental revenue in the range of € 43 Μ and passing yield 8% approximately ▪ Tax-Efficient Structure in Greece; REICs are exempt from - Rental income tax - Capital gains tax - Transaction tax - Dividend tax ▪ Attractive Dividend Policy Dividend per share Dividend yield (at year end) 2009 € 0.55 6.63% 2010 € 0.53 8.91% 2011 € 0.40 10.53% Actual Data as at 31.03.2012 ▪ € 163 Million in Cash (Term Deposits) with an average deposit rate 6.02% ▪ Low LTV with long maturity - Loan to Value – 14% - Debt (& all other liabilities) to Total Assets – 15% - € 86,9 million total debt outstanding as of 31.03.2012 - Average maturity – 7.5 years - Weighted average cost of debt – 3.58% - All debt is on floating interest rate Share Price Information: ▪ Share Price (30/3/2012) €3.65 ▪ Share Price (13/6/2012) € 2.90 ▪ NAV per share (31/3/2012) € 10.94 ▪ Discount to NAV (31/3/2012) 67% ▪ Capitalization (31/3/2012) €223 M ▪ Dividend per share ‘11 € 0.40 ▪ Dividend yield (31/12/11) 10.53% Total Shares Outstanding : 59.99 million They are currently buying back some tiny amounts of their own shares at below half NAV,... so it's almost a little comparable with AIG repurchases. http://www.eurobankproperties.gr/EurobankPropertiesUploads/Εταιρικές_Ανακοινώσεις/ΙΔΙΕΣ%20ΜΕΤΟΧΕΣ%202012/August/ANNOUNCEMENT%20-%20ACQUISITION%20OF%20TREASURY%20SHARES%2030%2008%202012.pdf http://www.eurobankproperties.gr/EurobankPropertiesUploads/Εταιρικές_Ανακοινώσεις/ΙΔΙΕΣ%20ΜΕΤΟΧΕΣ%202012/August/ANNOUNCEMENT%20-%20ACQUISITION%20OF%20TREASURY%20SHARES%2029%2008%202012.pdf http://www.eurobankproperties.gr/EurobankPropertiesUploads/Εταιρικές_Ανακοινώσεις/ΙΔΙΕΣ%20ΜΕΤΟΧΕΣ%202012/August/ANNOUNCEMENT%20-%20ACQUISITION%20OF%20TREASURY%20SHARES%2027%2008%202012.pdf
berkshiremystery Posted September 1, 2012 Posted September 1, 2012 Here are links to share quotes: EUPRO:GA http://www.bloomberg.com/quote/EUPRO:GA http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=EUPRO:GA Key Statistics for EUPRO Current P/E Ratio (ttm) 45.0000 Estimated P/E (12/2012 ) 7.6415 Earnings Per Share (EUR) (ttm) 0.0900 Est. EPS (EUR) (12/2012) 0.5300 Est. PEG Ratio - Market Cap (M EUR) 247.05 Shares Outstanding (M) 61.00 Enterprise Value (M EUR) (ttm) 186.39 Enterprise Value/EBITDA (ttm) - Price/Book (mrq) 0.3631 Price/Sale (ttm) 5.6018 Dividend Indicated Gross Yield 9.2422 Next Earnings Announcement
berkshiremystery Posted September 1, 2012 Posted September 1, 2012 Also some info about LAMDA Development S.A., the company that sold the stake. LAMDA Development S.A. http://www.lamda-development.net/online/homepage.aspx Sale of participation in EUROBANK PROPERTIES R.E.I.C - 22/08/2012 ( Announcements ) http://www.lamda-development.net/online/ViewNews.aspx?MenuCategId=57&MenuModuleID=4&MenuModuleTable=Real_NeoCategory&LevelNo=1&NewsID=1274&NewsCategoryID= Quotes - LAMDA:GA http://www.bloomberg.com/quote/LAMDA:GA http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=LAMDA:GA
Yours Truly Posted September 12, 2012 Posted September 12, 2012 New purchase by FFH? http://www.winnipegfreepress.com/business/arbor-memorial-enters-takeover-deal-valuing-company-at-375-million-169387376.html
phil_Buffett Posted December 16, 2013 Posted December 16, 2013 does someone bought a stake in Eurobank properties? interesting to hear some thoughts about the Company :)
phil_Buffett Posted December 31, 2013 Posted December 31, 2013 nice write up about Eurobank properties. stock is higher since then but still a very good idea, i think. http://de.scribd.com/doc/168974175/Vanshap-ValueInvestingCongress-131709
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