Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Blackstone has increased its offer for the shares of Hispania to €18.25. The board of directors of Hispania unanimously recommends the offer, and will no longer seek alternative buyers. Azora's and Canepa's shares (c.5.9% of TSO) will be irrevocably sold to Blackstone. While the acceptance period for the Blackstone bid will likely still run until July 13 and there is still time for a competing bid, we believe Hispania's recommendation implies there is no likely imminent competing bid. We now r...
We see continued growth in the hotel top line, highlighting continuing strength of the Spanish and Canary Islands leisure hotel markets with high occupancy rates (Canaries at 89%). The impact of the €280m incremental hotel capex at a yield on cost of 10-15% will continue to drive results. Without acquisitions, management is now in execution mode for the capex, and office and resi disposals. The offices disposal (~€500m) will be a key milestone post the acquisition of the 24% minority stake i...
Operating 4Q17 results in line with our estimates Hotels segment continues benefiting from its exposure to the Canary Island, where ADR and RevPar increased by 7% in 2017. The office segment reached an occupancy rate of 87% in December 2017 (+100bp in 4Q17). Regarding the residential segment, average rentals increased by 15% to €12.0/sqm/month. The sales plan continued to progress, having sold 37 flats in 4Q17. GAV increased by 18.4% LfL in 2017 The company reported a GAV of €2,475Mn as of De...
Hispania buys 7 hotels for €165Mn Hispania has bought an option to acquire 7 resort hotels (1,701 rooms) in the Canary and Balearic Island for €165Mn from Alchemy. The portfolio includes AluaSoul Palma, AluaSoul Mallorca Resort, AluaSoul Alcudia Bay, AluaSoul Ibiza and AluaSun Torrenova in the Balearic Islands; and Ambar Beach (Fuerteventura) and Parque San Antonio (Tenerife) in the Canary Islands. Alua Hotels & Resorts will continue manging the portfolio under a fixed & variable rent. The deal...
Good set of 3Q17 Results Hotels segment continue benefiting from its exposure to Canary Island, where ADR and RevPar are increasing by 8% YTD. The office segment fetched an occupancy rate of 86% in September 2017 (+200bp vs. June 2017). Regarding the residential segment, average rent increased by 6.8% to €11.1/sqm/month YTD and Hispania’s sales plan has continued, having sold 21 flats in 3Q17. Adjusted Net Profit increased in quarterly basis by 4.3% to €18.6Mn. We maintain our Hold recommenda...
We increase our valuation to €15.6/share. We have increased our GAV valuation to €2,905Mn from €2,547Mn. Hotels are the most benefited, mainly thanks to: 1) the good momentum of the Spanish tourism; 2) the expected additional value creation derived from the €100mn smart capex plan; and 3) the latest acquisitions. It results, in an adjusted NNAV of €1,703Mn or €15.6/share (from €1,548Mn or €14.3/share). We maintain our Hold recommendation. Hispania is currently trading with a 5.9% upside poten...
Hotels segment continue benefiting from its exposure to Canary Island, where ADR and RevPar are increasing by 9% YTD. The office segment fetched an occupancy rate of 84% in June 2017 (+200bp vs. March 2017). Regarding the residential segment, average rent increased by 2.7% to €11.2/sqm/month and Hispania’s sales plan has continued, having sold 20 flats in 2Q17. EPRA Net Profit decreased in quarterly basis mainly because of the €6.6Mn taxes accounted in 2Q17. The company reported a GAV of €2,33...
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