piw
18 Nov 2019
Belvoir BLV presentation at Mello London November 2019 Belvoir presentation at Mello London November 2019 by Dorian Gonsalves, CEO. Great overview of all revenue streams. 6% divi. Aspiration to achieve a £100m market cap, Dorian outlines how. piworld.co.uk Belvoir Group (BLV) presentation at Mello November 2019 By Dorian Gonsalves, CEO Introduction & overview – 00:18 The Belvoir business – 04
7 Belvoir’s markets - 11:37 Belvoir’s future - 17:36 The investm
o mealheiro
07 Dec 2017
Re: Worth a tickle? Blanketstacker Many thanks
Blanketstacker
06 Dec 2017
Re: Worth a tickle? BLV have a property-related business, so they do NOT give IHT relief. Sorry.
o mealheiro
24 Nov 2017
Re: Worth a tickle? Can anyone answer the question regarding Belvoir AIM shares qualifying for exemption from UK inheritance tax?I wrote to Belvoir via there investor relations email address, but did not get any replyTried to find website listing all qualifying AIM shares, but to no avail.
Blanketstacker
24 Nov 2017
Worth a tickle? The company is a lettings agency that operates on a franchise basis.PER = 8.3PEG = 0.26PtB = 1.8Yield = 6.8% (covered x1.5)Gearing = 31% (due to recent acquisition)On the dark side: The recent proposal of a merger with TPFG has been dropped. There are still suggestions of a ban on letting agents fees.Available at 96p. Seems cheap to me.
Blanketstacker
11 Jan 2017
FOXT A poor update from FOXT today, but it includes 'Lettings revenues in Q4 were circa £13m (2015: £13m) and have remained more resilient, benefiting from our high levels of renewals despite lower levels of new tenant activity and some downward pressure on rents arising from increased stock availability. Our lettings business remains a consistent and recurring revenue stream'.People still need somewhere to live, and as prices rise the rental sector will grow. A statement about the Chancellor's intentions reckoned an 8% dropin revenue as a result. Even double that is sustainable.Here we have a PER of 11, a yield of c5%, negligible debt, and a resilient franchise model. One for the bottom draw at current prices? (Are MCO and WINK in a similar sitiation? BLV benefits from having a wide geographic spread}.
II Editor
24 Nov 2016
NEW ARTICLE: Is estate agent sell-off overdone? "Philip Hammond's first Autumn Statement as chancellor has attracted plenty of criticism, not least for the Office for Budget Responsibility's (OBR) estimate that Brexit will cost the UK up to £60 billion. There's some scepticism around ..."[link]
annieoldiron2
24 Nov 2016
Spanner in the Works The ban on letting fees was an unexpected blow and will remove a valuable source of income at some stage. I expect that letting agencies will create an alternative way to charge landlords or tenants for services rendered, that may not be described as "letting fees", but it is most likely that the outcome will be an increase in rents. The government's tinkering will yet again invoke the "law of unintended consequences" with the end user being the one who pays. There is a time lag until rent increases begin to kick in, whilst leases and tenancies come up for renewal and letting agencies will have to wait before they see any gradual benefit to income, not to mention the tenant's resistance to such rent increases. Hence the drop in share values. The long term investment case is still strong but for now, it may be better to wait for better buying opportunities at lower prices.
annieoldiron2
20 Nov 2016
Re: How has the supply/demand balance sh... If interest rates go up, to add to the high deposits required, mortgages will become much less affordable or even obtainable. That will lead to an increased demand for rental property, as the alternative way of setting up a home. Buy to let will increasingly become the province of limited companies and bigger operations, as tax issues freeze out the small landlords, which is probably what the government wants as it is easier to regulate and brings more professionalism to the rental industry. Increased demand plus an element of inflation, will force rents upwards.Belvoir is very well placed to take advantage of this trend and the company's income will be going only one way - upwards. Controlling the expenses and running a tight ship will be the key to increasing profits.There will probably be more opportunities to buy up smaller agencies. I like the way the company is heading and can see considerable growth in the offing.
brettb
12 Apr 2016
Re: How has the supply/demand balance shifte... I rent out my flat and demand for rented property has surged in the last couple of years. I've had the same tenant for a while so I can't raise rents too much but I'd estimate that rents are rising by 7% a year in my area (Eastern England).That will change if the economy nosedives and all the Eastern Europeans go home (most of my tenants have been Polish).I also rent and in my experience Belvoir are one of the better letting agencies around. Mind you, that's not saying much.Government meddling in the market is great news for landlords and letting agencies.
annieoldiron2
18 Feb 2016
How has the supply/demand balance shifted ? Correct me if I am wrong, but has the share price taken a short term dive without considering the longer terms effects of Osborne's persecution of buy to let investors. Certainly new entrants will now be discouraged. That reduces supply. Some existing investors may even sell, (which generates a fat commission) perhaps to other existing clients (thus retaining the business). The number of would-be tenants is still rising so increasing demand against a ratherstatic supply - the consequence must be that rents will rise and capital values alongside that.Belvoir must be in prime position to exploit that. When it dawns on the market that in the longer term, this stock (and similar ones), will be a winner, the short term fall will reverse.Share dilution has had an effect but Belvoir has cash in hand and the monthly profits are still rolling in. The extra branches which the company acquired will surely prove their worth as the months tick by because both the market for the service, the volume of tenants and the prices chargeable look set to go only one way: - upwards. This seems like a long term sound buy with a decent dividend. Results due at start of April - just as Osborne's new rules kick in, so that might be the perfect time to buy. What happens if Osborne changes his mind ?
paddington_bear
05 Oct 2015
Off my radar now Sold out, fortunately before the latest acquisition. The only point in holding this share was the dividend yield, but since July two acquisitions funded by placings to dilute share base, because of insufficient accumulated and retained profits. Was 24million shares costing 6.8p per share at uncovered 5.6 EPS, or £1,633,000. Since July 3.24m placed at 125p and now 3.1m placed at 116p, meaning an extra 6.34m shares or approx 26% more. Where will money come from to pay necessary £425,000 just to maintain existing level of dviidend as both deals are stated to be earnings beneficial from next year. Further drag on performance, apart from the bank debt, is over £4million in soft loans made to some franchisees. I cannot support this management further.PB
paddington_bear
09 Sep 2015
Need binoculars soon As Martinco and Belvoir both reported interims today, confirmation this is the laggard. Whilst MCO shares high new high after MSF up 61% and operating margin up to 38%, its 284 offices (193) service 44,000 properties (31,000), helping revenue rise 48% and profits 53% - allowing dividend to rise from 1.3p to 1.8p, on eps of 4.2., meanwhile on a market up day Belvoir SP unchangedWe can but dream of such riches here, as management feebly blames the Election for no nett rise in offices in six months and flat profits on MSF rise of 14%. Embarrassing to see they are proud nearly 35% of offices now offer estate agency, as MCO hits 80%. EPS here only 2.5 against 3.4 dividend, but management confident of strong second half after launching the multi brand strategy and buying extra name with 30 offices post period to reach a new total of 197 (wonder where they got that idea). At least there were no major embarrassments this time (FD got a grip?) and liabilities edged downwards again, but still capital tied up in loans to franchisees for expansion.The optomists may say that if we follow every success by MCO, eventually we will succeed. For now remains a long-term stodgy income possibility.PB.
paddington_bear
15 Apr 2015
Emerging into view? Again a mixture, but signs company heading in a better direction. Liabilities down £2.25million, revenue and profits up, headline 11% rise in management fees against 10% target.However, with EPS of 5,8 pence, and paying a same amount 6.8 in dividends cannot be sustained. Smaller amounts "wasted" on paying off another Director and bad debts. Not so surprising is that the policy of lending franchisees 100% to start has been cut to a better and more diverse 30/40% maximum area - perhaps the new FD is earning her pay.Poor cousin to Martinco, which stormed ahead this year, but if regarded as a steady eddie the natural annual growth of offices and rents should make EPS surpass the dividend soon and be a decent little income share.PB
