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Strategies & Market Trends : Value Investing
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To: Nya_Quy who wrote (62860)11/15/2019 8:48:33 PM
From: Spekulatius1 Recommendation

Recommended By
Lance Bredvold

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I have WHA on my watch list. I have looked at it from time to time and compared it to Vastned ( a similar Dutch REIT) which I owned a while ago. The problem is that WHA is mostly retail and that’s a challenged category in Europe just as much as in the US. The stock is cheap and seems to trade at ~50% of NAV and a 12% dividend yield, but they are having negative fair value marks and dividend cuts (due to lower FFO due to dispositions) for a couple Of years, so this is regarded as a melting ice cube and valued as such.

My personal inclination is to stay away from melting ice cubes almost irrespective of valuation as found that in most cases, the stock doesn’t seem to work. FWIW, I am invested in some real estate companies that also trade at ~50% of NAV, but are not retail and/or melting ice cubes. I feel much more comfortable holding those than retail assets like WHA, MAC or TCO.
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