Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Capital & Counties Properties PLC    CAPC   GB00B62G9D36

CAPITAL & COUNTIES PROPERTIES PLC

(CAPC)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Intu shares surge on speculation of private equity bid

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/10/2019 | 02:50am EDT
FILE PHOTO: Model Bethan Sowerby wears a dress made using graphene during a media event at the Intu Trafford centre shopping complex in Manchester, Britain

(Reuters) - Shares in Britain's Intu Properties surged as much as 22% on Monday on speculation a private equity group could buy out the shopping centre operator, which has been hit by high-profile retail failures and a hefty debt burden.

The Sunday Times reported http://bit.ly/2HUdHxb that private equity firm Orion Capital Managers, founded by Aref Lahham, is in the early stages of finding partners for a buyout of Intu, which owns the Trafford Centre in Manchester.

Intu shares, which have shed nearly two-thirds of their value this year, erased some early gains and were 10.9% higher at 40.5 pence by 0945 GMT, a far cry from their peak of 947 pence in 2006. The company is now valued at only around 540 million pounds.

Intu declined to comment on the Sunday Times report. Lahham said on LinkedIn that Orion Capital would not comment on its holdings. It was not immediately clear how much of Intu Lahham owns.

Renewed interest in Intu would come after a consortium led by major investor John Whittaker dropped a 2.9 billion-pound bid last November.

The consortium's U-turn came after rival Hammerson abandoned a 3.4 billion-pound bid to buy Intu in April last year.

The closure of shops and renegotiation of rent agreements have led to uncertainty over the value of the income from retail properties. Many British property developers have been looking to distance themselves from the ailing retail sector.

Intu has also been hit by company voluntary agreements - an insolvency procedure used by retailers to restructure leases - from brands like Debenhams, Toys R Us, House of Fraser, New Look and HMV.

Intu, which has guided to lower net rental income for three years straight, has been looking to preserve cash and reduce its debt by selling assets.

"There are three arguments for caution (for buyers): the NAV (net asset value) per share figure at Intu continues to go lower ... the company has 4.7 billion pounds in net debt; and bids for Intu have failed before," said Russ Mould, investment director at AJ Bell, said.

Graphic: Intu investors look for cheer amid retail gloom, https://fingfx.thomsonreuters.com/gfx/mkt/12/5888/5822/INTU.png

RETAIL AND BREXIT

Intu, which scrapped its dividend earlier this year and changed management, in July adopted a new five-year strategy to reshape its business and focus on fixing its balance sheet.

Mould said a takeover of Intu could prompt a wider reappraisal of the sector, especially for those firms with big exposure to retail.

"Hammerson, British Land, Land Securities, Capital & Counties ... are all being tarred with the same retail-and-Brexit brush to varying degrees and all trade at big discounts to NAV," he added.

(Reporting by Shashwat Awasthi and Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur and Susan; Fenton)

By Noor Zainab Hussain and Shashwat Awasthi

Stocks mentioned in the article
ChangeLast1st jan.
BRITISH LAND COMPANY 1.33% 562.2 Delayed Quote.5.44%
CAPITAL & COUNTIES PROPERTIES PLC -0.58% 221.9 Delayed Quote.-3.98%
HAMMERSON -0.19% 267.9 Delayed Quote.-18.64%
INTU PROPERTIES -6.92% 39.93 Delayed Quote.-64.62%
LAND SECURITIES GROUP PLC 1.04% 832.2 Delayed Quote.3.46%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CAPITAL & COUNTIES PROPERT
09/10Intu shares surge on speculation of private equity bid
RE
08/29CAPITAL & COUNTIES PROPERTIES PLC : Ex-dividend day for optional dividend
FA
08/22CAPITAL UNTIES PROPERTIES : Scrip Dividend Circulars
PU
08/19CAPITAL UNTIES PROPERTIES : 2019 Interim Dividend Exchange Rate & Scrip Prices
PU
07/25CAPITAL UNTIES PROPERTIES : Intention to launch CG as a REIT through demerger
PU
06/19CAPITAL UNTIES PROPERTIES : Directorate Change
PU
06/18LONDON STOCK EXCHANGE : FTSE 100 enjoys best day in four months after Draghi's '..
RE
05/31CAPITAL UNTIES PROPERTIES : Update on ECPL Valuation
PU
05/03CAPITAL UNTIES PROPERTIES : Result of 2019 AGM
PU
04/18CAPITAL & COUNTIES PROPERTIES : Ex-dividend day for final dividend (optional)
FA
More news
Financials (GBP)
Sales 2019 84,7 M
EBIT 2019 29,0 M
Net income 2019 -73,5 M
Debt 2019 636 M
Yield 2019 0,68%
P/E ratio 2019 -29,7x
P/E ratio 2020 35,2x
EV / Sales2019 29,8x
EV / Sales2020 29,0x
Capitalization 1 889 M
Chart CAPITAL & COUNTIES PROPERTIES PLC
Duration : Period :
Capital & Counties Properties PLC Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CAPITAL & COUNTIES PROPERT
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 245,79  GBp
Last Close Price 221,90  GBp
Spread / Highest target 39,7%
Spread / Average Target 10,8%
Spread / Lowest Target -21,1%
EPS Revisions
Managers
NameTitle
Ian David Hawksworth Chief Executive Officer & Executive Director
Henry Eric Staunton Chairman
Situl Suryakan Jobanputra Chief Financial Officer & Executive Director
Gary James Yardley Executive Director, Chief Investment Officer & MD
Graeme John Gordon Non-Executive Director