SERVICENOW INC NOW
June 18, 2022 - 2:40pm EST by
member
| 2022 | 2023 | ||||||
| Price: | 443.79 | EPS | 0 | 0 | |||
| Shares Out. (in M): | 203 | P/E | 39 | 0 | |||
| Market Cap (in $M): | 89,630 | P/FCF | 39 | 0 | |||
| Net Debt (in $M): | -1,800 | EBIT | 0 | 0 | |||
| TEV (in $M): | 87,823 | TEV/EBIT | 0 | 0 | |||
Description
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| # | AUTHOR DATE SUBJECT |
|---|---|
| 45 | |
Pretty nasty update yesterday with stock down from 99p to 55p. Your exit recommendation was bang on. I didn't pursue further as per my earlier thoughts and your spot on comments - very much appreciated.
Did... login to read the rest | |
| 44 | |
Thanks for an excellent response.
i appreciate your work. | |
| 42 | |
Why the exit with the stock at 97 and NAV at 240?
| |
| 38 | |
Spazio's annual report came out. They wrote up the value of the core (non Portogruaro) portfolio, and wrote down a bit of Portogruaro. With the fall in the pound/eur, I estimate live NAV at TCF... login to read the rest | |
| 33 | |
Spazio concluded the lease renegotiations with Telecom Italia.
Leases are now 17 years long with no break options and CPI indexation. All capex and insurance costs to be borne by Telecom Italia.
This turns Spazio into a... login to read the rest | |
| 32 | |
European QE has dragged down the euro and with it the reported NAV of TCF, however this has on the other hand made euro real estate cheaper in USD.
My estimate of $/SF for the portfolio... login to read the rest | |
| 31 | |
I've updated my model and screen scraped all the Spazio assets listed on the Celtic Italy site.
The median $ / SF asking price is a whopping $65 / SF. This appears cheap; it's probably impossible... login to read the rest | |
| 30 | |
TCF stock traded down in recent days on light volume. I think this price makes it very interesting, so I thought I'd frame it here.
Current live NAV looks something like this (p stands for pence... login to read the rest | |
| 29 | |
TCF released its Q3 report today (http://www.terracatalystfund.com/Documents/TCF%20signed%20interims%2030%20Sept%202014.pdf) and the tone was significantly positive.
New REIT legislation in Italy, intended to bring it closer to EU standards, will make Italian assets more attractive to foreign investors. The... login to read the rest | |
| 28 | |
Today TCF published year-end financials with interesting details on Spazio, including encouraging language on leasing, interest from investors for the assets, and the internalisation of the asset management team.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=12063102
There is also the announcement that £2.3m will... login to read the rest | |
| 27 | |
Nice! | |
| 26 | |
TCF released great news today.
First, they were able to settle the Guardia di Finanza tax dispute at a nice discount to what could have been (they settled for €14m (or €0.61 per Spazio share) to be... login to read the rest | |
| 25 | |
Rob Turner joined the board of TEIF on May 29 and today they announced a sale to Starwood for 38.25p. While it's disappointing that this is a wide discount to TEIF's NAV, it provides liquidity... login to read the rest | |
| 24 | |
Spazio released its annual report (http://www.spazioinvestment.com/Annual_Reports.php) and here are the key takeaways:Stated NAV / share remains stable at €7.04 compared with €6.97 at mid-year 2013. Properties were sold at a 12.5% discount to open market... login to read the rest | |
| 23 | |
Tamar European Industrial Fund (TEIF LN) reported today. My estimate of NAV remains stable at 52p compared with a current stock price of 34.5p. That's a 34% discount to NAV.
Of the 52p NAV of TEIF,... login to read the rest | |
| 20 | |
value_31, one more comment on appraisal and real estate valuation.
In my opinion, real estate valuation can be extremely subjective in the sense that location is extremely important, the perceived advantages or disadvantages of location can... login to read the rest | |
| 17 | |
I want to share a spreadsheet to aid in the analysis of Terra Catalyst Fund.
I also want to correct something: TCF has NOT yet sold any of its Tamar European Industrial Fund (TEIF LN) shares.
Laxey owns... login to read the rest | |
| 16 | |
I will get back to you with better detail on expenses, but I estimate expenses are much lower than £1-1.5m per year.
On the bottom of the latest release, the company notes that the investment management... login to read the rest | |
| 15 | |
jgalt,
Question re: the next distribution timing and size. It sounds like cash is going to be locked in at Spazio for a while so I'm assuming that TCF is going to have to survive without... login to read the rest | |
| 14 | |
There's some optimism returning to Italy. Matteo Renzi, who is about to be sworn in as the youngest ever prime minister (age 39), has an agenda to cut taxes and reform public spending and labor... login to read the rest | |
| 13 | |
kerrcap,
I apologize for using this thread to discuss PMO, but do you understand why they set rights price so close to actual trading price? Is the rights deal back-stopped? It does not appear as though... login to read the rest | |
| 11 | |
I forgot to link to this but I think it's important.
http://www.investegate.co.uk/terra-catalyst-fund/rns/related-party-transaction/201003011248398527H/
1 March 2010
TERRA CATALYST FUND
Related Party Transaction
As previously announced by Terra Catalyst Fund (the "Company" or "TCF"), Spazio Investment NV ("Spazio") delisted on 16 December... login to read the rest | |
| 10 | |
MSG257, I forgot to address your question about mgmt fees.
It's very hard to arrive at a "correct" NAV figure for Spazio because the assets have substantially different values depending on their use. An entrepreneur might... login to read the rest | |
| 9 | |
Sure. Those are break option expirations. Leases in Italy run for an intitial term of 6 or 9 years for example, during which the tenant doesn't have options to break the lease. After that, there... login to read the rest | |
| 8 | |
Jgalt,
Thanks for the idea. Have you been able to get any color on the Spazio lease expirations coming due? I think something like 87% of leases expire between 2013 and 2015 (Telecom Italia is probably... login to read the rest | |
| 7 | |
Siren, I think that is a reasonable range under a conservative outlook. OCM just reported FFO of 38m-39m for 2013. Prime will lose money in 2013 but there's several one-offs that skew the reported figures... login to read the rest | |
| 6 | |
I did some work on this name… Post merger / capital raise I’m getting pro forma FFO of approx. € 0.23 – 0.27/share (with most of the variance depending on what they can do with | |
| 5 | |
To straw1023's comment, our PMO report is available here: http://kerrisdalecap.com/wp-content/uploads/2013/09/Prime-Office-REIT-AG-Report.pdf
I agree that a European commercial real estate recovery is underway and there are several methods to gain exposure (liquidations, turnarounds, RE service businesses, etc). We'll take... login to read the rest | |
| 4 | |
gocanucks,
I am out of pocket today, but there were lots of moving pieces here, many of which have been settled recently with the merger . . .
Kerrisdale Capital (who I think is on VIC) put... login to read the rest | |
| 1 | |
jgalt,
We have been reviewing a similar theme (European real estate recovery) with PMO (DE). PMO has an event component as well. It is not as cheap as TCF but assets less risky.
Have you looked at | |