The Lemon Fool

Evening Lemons,
What are your thoughts on Tritax EuroBox (BOXE)? It's currently on a ~10% discount, with a 12-month average of ~15% (z-score 0.98). Its stablemate Tritax BigBox (BBOX) has done extremely well this year (I'm a contented holder) and, whilst e-commerce penetration in the UK is higher than across the rest of Europe, it feels like there are extremely strong macro reasons for EuroBox to prosper over the medium-term. The high fees are one area of concern for me (2.04% according to both MorningStar and the AIC) as is its lack of track record (it only listed in 2018). On the plus side, it pays a decent dividend and I suspect demand for warehouse space and distribution centres will persist post-COVID and continue to grow. The IC tipped it at ~81p in May (https://www.investorschronicle.co.uk/ti ... too-cheap/). Grateful for any thoughts
- OllyDrod

OllyDrod wrote:Evening Lemons,
What are your thoughts on Tritax EuroBox (BOXE)? It's currently on a ~10% discount, with a 12-month average of ~15% (z-score 0.98). Its stablemate Tritax BigBox (BBOX) has done extremely well this year (I'm a contented holder) and, whilst e-commerce penetration in the UK is higher than across the rest of Europe, it feels like there are extremely strong macro reasons for EuroBox to prosper over the medium-term. The high fees are one area of concern for me (2.04% according to both MorningStar and the AIC) as is its lack of track record (it only listed in 2018). On the plus side, it pays a decent dividend and I suspect demand for warehouse space and distribution centres will persist post-COVID and continue to grow. The IC tipped it at ~81p in May (https://www.investorschronicle.co.uk/ti ... too-cheap/). Grateful for any thoughts
- OllyDrod

Olly, I note the correct ticker is: EBOX. Citywire has it wrong as BOXE, with the E at the end.

I briefly looked at EBOX last week, but ended up opting for ASLI which had a slightly higher yield at 4.47% (as opposed to 3.65%). I also liked ASLI's tight focus on ‘big box’ logistics warehouses and ‘last mile’ urban logistics (in Europe). Both have high fees, but I guess that's the nature of their business.

I was having this discussion earlier...
EBOX = Tritax Eurobox in £
BOXE = “ “ in €

viewtopic.php?f=87&t=27401#p379297

GrahamPlatt wrote:I was having this discussion earlier...
EBOX = Tritax Eurobox in £
BOXE = “ “ in €

viewtopic.php?f=87&t=27401#p379297

Thanks for the clarification. I hadn't realised that. I've also had a read of the other thread.

MDW1954 wrote:

Moderator Message:
I don't think EBOX/ BOXE is a REIT -- I certainly can't find immediate confirmation of that fact. Nevertheless, it *is* a property company, and so this thread is more properly at home here. So I've moved it. --MDW1954

Triax EuroBox is not itself a REIT, but the Tritax Group does include a REIT.

Tritax has a particular specialisation in the acquisition and management of logistics property portfolios, most notably through Tritax Big Box REIT plc, a UK FTSE 250 REIT launched in December 2013.

https://www.tritaxeurobox.co.uk/about/#the-manager

GrahamPlatt wrote:I was having this discussion earlier...
EBOX = Tritax Eurobox in £
BOXE = “ “ in €

viewtopic.php?f=87&t=27401#p379297

This was a source of confusion for me initially as well - Graham is correct and interestingly, Interactive Investor wouldn't let me purchase the Sterling-denominated share class (EBOX) because, they were "unable to find an associated KIID". Given that I find KIIDs about as useful as a chocolate teapot, this a source of some irritation.
- OllyDrod

richfool wrote:

OllyDrod wrote:Evening Lemons,
What are your thoughts on Tritax EuroBox (BOXE)? It's currently on a ~10% discount, with a 12-month average of ~15% (z-score 0.98). Its stablemate Tritax BigBox (BBOX) has done extremely well this year (I'm a contented holder) and, whilst e-commerce penetration in the UK is higher than across the rest of Europe, it feels like there are extremely strong macro reasons for EuroBox to prosper over the medium-term. The high fees are one area of concern for me (2.04% according to both MorningStar and the AIC) as is its lack of track record (it only listed in 2018). On the plus side, it pays a decent dividend and I suspect demand for warehouse space and distribution centres will persist post-COVID and continue to grow. The IC tipped it at ~81p in May (https://www.investorschronicle.co.uk/ti ... too-cheap/). Grateful for any thoughts
- OllyDrod

Olly, I note the correct ticker is: EBOX. Citywire has it wrong as BOXE, with the E at the end.

I briefly looked at EBOX last week, but ended up opting for ASLI which had a slightly higher yield at 4.47% (as opposed to 3.65%). I also liked ASLI's tight focus on ‘big box’ logistics warehouses and ‘last mile’ urban logistics (in Europe). Both have high fees, but I guess that's the nature of their business.

Thanks RichFool, I have looked at ASLI but must confess to being something of a sucker for a discount and with EBOX/BOXE trading at an attractive -11% (when the rest of the sector are more or less all at premia) I like the odds of it continuing to narrow in over the medium-term. I've taken a small position in EBOX and will monitor... wish me luck!
- OllyDrod

https://www.tritaxeurobox.co.uk/press-r ... ity-issue/

I bought some of this in the original placing but sold as it went nowhere as the company deployed capital so I invested elsewhere. Tempted to come back into it. Tritax have a decent UK track record, Covid re-affirms logistics / big box long term positive trend; okay yield from long term leases. Doubt it knocks the lights out but could see it being a boring, slow and steady holding from here.

Walkeia wrote:https://www.tritaxeurobox.co.uk/press-release/proposed-equity-issue/

I bought some of this in the original placing but sold as it went nowhere as the company deployed capital so I invested elsewhere. Tempted to come back into it. Tritax have a decent UK track record, Covid re-affirms logistics / big box long term positive trend; okay yield from long term leases. Doubt it knocks the lights out but could see it being a boring, slow and steady holding from here.

At what date does one need to hold the shares to be a qualifying shareholder?

GrahamPlatt wrote:At what date does one need to hold the shares to be a qualifying shareholder?

Record Date for entitlements under the Open Offer = 5.30 p.m. on 17 February 2021

Given the offer for subscription is at 103 pence or 119 cents (euro); the current market levels are only slightly above this and I would expect this to remain the case for a short period while the raise is completed.

Interesting research article: https://quoteddata.com/research/tritax- ... knocks-qd/

All the best, Si

simoan wrote:Interesting research article: https://quoteddata.com/research/tritax- ... knocks-qd/

All the best, Si

Hi Si, your prompting stirred me into action. I have had a few since IPO and reckoned I'd have some more but ii says no We are unable to trade this security as there is no KID/KIID document available. I completed some nonsense form but it still says no.
That makes a pretty good reason for such a big discount - if no buyers are allowed...
My other inclination to buying is, what will be the actual costs to aquire the materials and labour for new build be in 1 or 2 years hence.

gnawsome wrote:

simoan wrote:Interesting research article: https://quoteddata.com/research/tritax- ... knocks-qd/

All the best, Si

Hi Si, your prompting stirred me into action. I have had a few since IPO and reckoned I'd have some more but ii says no We are unable to trade this security as there is no KID/KIID document available. I completed some nonsense form but it still says no.
That makes a pretty good reason for such a big discount - if no buyers are allowed...

I’ve never had any problem buying EBOX. Sounds like you need to find a better broker. Since when was KID required for a REIT? I’ve never seen it.

simoan wrote:

gnawsome wrote:

simoan wrote:Interesting research article: https://quoteddata.com/research/tritax- ... knocks-qd/

All the best, Si

Hi Si, your prompting stirred me into action. I have had a few since IPO and reckoned I'd have some more but ii says no We are unable to trade this security as there is no KID/KIID document available. I completed some nonsense form but it still says no.
That makes a pretty good reason for such a big discount - if no buyers are allowed...

I’ve never had any problem buying EBOX. Sounds like you need to find a better broker. Since when was KID required for a REIT? I’ve never seen it.

I just tried HL who offered me a trade without such condition - don't have an ISA account with them and the autumn statement knocks that on the head.
Just sent an enquiry to ii ~ wait and see

Make sure that you're quoting the right ticker. If you're in the UK, and want your income in pounds sterling, you want EBOX. BOXE is the euro equivalent, which isn't as widely listed.

MDW1954

MDW1954 wrote:Make sure that you're quoting the right ticker. If you're in the UK, and want your income in pounds sterling, you want EBOX. BOXE is the euro equivalent, which isn't as widely listed.

MDW1954

My wife has a smallish holding in EBOX, but when she purchased it the EBOX ticker was not known the the AJ Bell platform, on querying this, they told her to use the SEDOL code instead in her search on the BUY and SELL page, which is: BG382L7
She topped it up on weakness not so long ago.

Plodder

MDW1954 wrote:Make sure that you're quoting the right ticker. If you're in the UK, and want your income in pounds sterling, you want EBOX. BOXE is the euro equivalent, which isn't as widely listed.

MDW1954

Hi, many thanks.
I was using the right ticker but;
Response from ii
..."This stock is over the phone trading only. This is due to there being two listings (EBOX and BOXE), and we cannot have the same KIID on two different listings. Please note, phone dealing charges will not apply for this stock...."
A fair attempt to cater for a little local difficulty but it raises more things for consideration.
Would I want a Euro holding - a bit more diversity, but more expense and bookwork - naaah.
Just have to wait for a down day and use the phone

FY Results mixed bag but fairly solid https://www.voxmarkets.co.uk/rns/announ ... ee3c7e809/

Actually I thought the figures rather encouraging; and the website Presentation rather confirms matters.

https://tinyurl.com/3hf6drnp

The main thing to note is that the dividend was covered in Q4 and will be covered forward into 2023; with the possibility of 3 x 1.25c interim dividends in the first 3 quarters, followed by a slightly increased dividend in Q4. At today's lower offer price of 60.1p and at a forex rate of 1.15, the yield = 7.24%; whilst the NAV discount is now fractionally under 50% at 49.5%.

Of course reduced valuations in Q4'22 & Q1'23 will knock that discount back; however much of the damage is surely in the price. With a high LTV of 35% we could well see the NAV fall as much as 20%, down to 95.2p. At that level the discount would still be a high figure of 36.9%.

There is no doubt that whatever gloss they may put on their new acquisitions, they were made pretty well at the top of the market - so we must expect some serious red ink.

However, the sp has almost halved through 2022 from a high of 118p at the start of the year. So down at 60p with a yield of more than 70p, I rate these a GOOD BUY.

Thanks Skyship and others. I'll just need to take a look if BOXE pays GBP dividends. I really don't want Euro dividends.