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New Fairfax Holding


Packer16
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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.

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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

 

 

 

 

 

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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

 

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