SHB.L - Shaftesbury PLC

LSE - LSE Delayed price. Currency in GBp
480.60
-32.90 (-6.41%)
As of 4:05PM BST. Market open.
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Previous close513.50
Open503.00
Bid480.60 x 0
Ask481.20 x 0
Day's range480.00 - 505.57
52-week range5.36 - 992.50
Volume132,288
Avg. volume460,336
Market cap1.477B
Beta (5Y monthly)0.69
PE ratio (TTM)N/A
EPS (TTM)-97.70
Earnings date10 Jun 2020
Forward dividend & yieldN/A (N/A)
Ex-dividend date16 Jan 2020
1y target est956.54
  • Shaftesbury PLC Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
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    Shaftesbury PLC Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

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  • Coronavirus: Chinatown and Soho landlord warns some restaurants won't survive
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  • Bloomberg

    Covent Garden's Owner Makes a Smart Move on Soho

    (Bloomberg Opinion) -- In the depths of Britain’s Covid-19 crisis, investors decided the pandemic would halve the stock-market value of commercial real estate in London’s West End as they feared for the future of the world’s great shopping and tourism destinations. Now the owner of Covent Garden is snapping up a big stake in its Soho neighbor. It’s a shrewd financial and strategic move.Capital & Counties Properties Plc (Capco) is paying 436 million pounds ($540 million) for 26% of Shaftesbury Plc, acquiring the stake from Hong Kong property tycoon Samuel Tak Lee. For now, this is just a passive financial investment. But there’s evident logic in a full merger of the two companies’ estates covering London’s “theater land” and some of the city’s best-known retail and leisure districts.The investment uses much of Capco’s carefully harvested borrowing capacity and could prove ill judged if Britain, and London in particular, suffers further waves of the novel coronavirus. That said, the price, 41% below Shaftesbury’s share price in mid-February, already assumes a severe degradation in rents. Social-distancing measures imposed by the pandemic will hit retail and leisure this year and probably next; new remote-working habits may also stick. But the idea that worker and visitor numbers in these prime London areas will fall lastingly looks pessimistic.Meanwhile, Capco gains a blocking stake that could thwart the ambitions of any other buyer with designs on Carnaby Street and other Soho landmarks. If Capco tries to nab the rest of the company, Shaftesbury’s board will struggle to pull in friendly counterbidders to push the price up. For Ian Hawksworth, Capco’s chief executive officer, the potential benefits appear to justify the risks.But Capco’s gains come at the expense of Shaftebury’s minority shareholders. True, the stake-seller Lee was suing the company over a fundraising in 2017, and this dispute with the main shareholder was a distraction. But having Capco, your main rival and potential merger partner, gaining a blocking stake is arguably worse.Shaftesbury could have avoided this by snapping up Lee’s shares itself, effectively conducting a massive buyback — or stage-managing the distribution of all or part of the stake to its existing shareholders. But that would have required a common approach between the seller and the company, which would have been hard with the backdrop of litigation. The lawsuits have now been dropped.A full merger is the logical next step. The seemingly weaker position of Shaftesbury shareholders is at least mitigated by the significant overlap in the two registers, with Norway’s Norges Bank acting as kingmaker with 15% of Capco and another 26% of Shaftesbury. But Shaftesbury’s board has other investors to look after too.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Shaftesbury PLC (LON:SHB) Insiders Increased Their Holdings
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    Shaftesbury PLC (LON:SHB) Insiders Increased Their Holdings

    We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are...

  • Is Shaftesbury PLC's (LON:SHB) CEO Pay Fair?
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    Is Shaftesbury PLC's (LON:SHB) CEO Pay Fair?

    Brian Bickell has been the CEO of Shaftesbury PLC (LON:SHB) since 2011. This analysis aims first to contrast CEO...

  • Let’s move to Shaftesbury, Dorset: an oasis of calm in these feverish times
    The Guardian

    Let’s move to Shaftesbury, Dorset: an oasis of calm in these feverish times

    Let’s move to Shaftesbury, Dorset: an oasis of calm in these feverish timesIt has entered the 21st century – but only just

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    Earnings Miss: Shaftesbury PLC Missed EPS By 77% And Analysts Are Revising Their Forecasts

    Analysts might have been a bit too bullish on Shaftesbury PLC (LON:SHB), given that the company fell short of...

  • Does Shaftesbury PLC (LON:SHB) Have A Place In Your Dividend Stock Portfolio?
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    Does Shaftesbury PLC (LON:SHB) Have A Place In Your Dividend Stock Portfolio?

    Dividend paying stocks like Shaftesbury PLC (LON:SHB) tend to be popular with investors, and for good reason - some...

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