Lok'n Store Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9508705 http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=9508705&action=detail Wed, 04 Apr 2012 16:32:00 GMT vx1 tag:iii.co.uk,2003:tst.9212544 Hold and be ready to buy on any weakness. By vx1 ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=9212544&action=detail Thu, 26 Jan 2012 11:42:00 GMT vx1 tag:iii.co.uk,2003:tst.8928570 http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8928570&action=detail Wed, 09 Nov 2011 12:51:00 GMT vx1 tag:iii.co.uk,2003:tst.8921482 ')" target="_new" rel="nofollow">http://www.investorschronicle.co.uk/2011/11/07/shares/news-and-analysis/lok-n-store-hits-divi-trail-y5ku0hiUtG47b59ttzEXyL/article.html
Lok'n Store hits divi trail
By Stephen Wilmot, 07 November 2011

The most eye-catching element of self-storage micro-cap Lok'nStore's annual results was the three-fold increase in the dividend. Long-time chief executive Andrew Jacobs also pledged a "progressive dividend" based on the balance of cash profits and capital requirements.
The group has a strong track record of top-line growth, with only one year of contraction during the recession of 2008-09 - Mr Jacobs says business is resilient "as long as the mainstream papers aren’t running financial stories on the front cover". This year turnover increased 4.1 per cent, as a 1.9 per cent increase in the rental rate helped offset falling occupancy. That translated into a 9.7 per cent uplift in cash profits, thanks to strong cost control. The group also bought in growth by acquiring a Leatherhead-based document-storage business called Saracen for £4m, though it only contributed a month’s earnings to these results.
The property portfolio was revalued down 1.8 per cent, which took its toll on the net asset value (NAV) figure. Lok’nStore remains well within its banking covenants - the company refinanced with Lloyds last month, stabilising its balance sheet until 2016. But banks are now charging more for their services, so the finance bill will be £250,000 higher this year.
LOK'NSTORE GROUP (LOK)
ORD PRICE: 98p MARKET VALUE: £25m
TOUCH: 97-98p 12-MONTH HIGH: 143p LOW: 93p
DIVIDEND YIELD: 3.1% TRADING ASSETS: nil
DISCOUNT TO NAV: 37%
INVEST PROPERTIES: £69.2m NET DEBT: 63%
Year to 31 Jul Net asset value (p) Pre-tax profit (£'000) Earnings per share (p) Dividend per share (p)
2007 86.4 10,815 43.3 0.67
2008 172 -741 -3.27 1.00
2009 148 -656 -2.39 1.00
2010 156 431 0.88 1.00
2011 154 938 3.57 3.00
% change -1 +118 +306 +200
Ex-div:16 Nov
Payment:16 Dec
IC View:

After a strong recovery in 2009-10, Lok’nStore’s share price has fallen this year, reflecting its exposure to the UK consumer. Yet it is entrepreneurially managed and operates in an under-supplied sector. With the shares trading 57 per cent below adjusted NAV, buy. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8921482&action=detail Mon, 07 Nov 2011 20:59:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8867140 9:24 am by Giles Gwinnett
http://www.proactiveinvestors.co.uk/companies/news/34644/loknstore-agrees-new-40-mln-credit-facility-with-lloyds-tsb--34644.html

The new five year revolving facility replaces an existing one with Royal Bank of Scotland, which was due to expire in February next year, the company said today
AIM quoted self-storage firm Lok’nStore (LON:LOK) has agreed a new £40 million revolving credit facility with Lloyds TSB to develop the business in the medium term.

The new five year revolving facility replaces an existing one with Royal Bank of Scotland, which was due to expire in February next year, the company said today.

The firm's shares were up 3.65 per cent in morning trade on the news - changing hands at 99.5 pence.

Chief executive of the storage firm Andrew Jacobs said: This new banking facility with its attractive terms and structure underlines the financial strength of Lok'nStore with its modest gearing and strong and growing cash flow.

"We have established a business model that can thrive in the downturn and this new facility will enable the group to continue to execute its growth strategy.

"We look forward to working with the Lloyds Banking Group as Lok'nStore develops over the coming years."

Under the new facility, the company is not obliged to make any repayments prior to its expiration in 2016.

The margin on the new facility will be at LIBOR plus 2.35 per cent to 2.65 per cent. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8867140&action=detail Fri, 21 Oct 2011 09:58:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8820951 http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8820951&action=detail Thu, 06 Oct 2011 20:45:00 GMT vx1 tag:iii.co.uk,2003:tst.8279909 19/05/2011 Ben Jaglom

Self-storage play Lok’nStore is looking to grow profits through its slow but steady strategy.

The AIM-quoted group, headquartered in Farnborough, Hampshire, was founded in 1995 with its first store in Horsham, West Sussex, and is an AIM veteran, having joined the junior market in 2000 after three years on OFEX.
A business with 22 self-storage sites across the South East, it was formed by ex-Nomura broker and chief executive Andrew Jacobs, who has since helped turn the group into one of the biggest players in the southern UK self-storage market.

Listed as a property company, Lok’nStore is probably better understood as a retail operation with extensive property assets. As Jacobs notes, ‘The economy has been rubbish for quite some time, yet we run a very resilient business – up until 2009 the financial markets were still worried about if we depended on the housing sector.’

Renting out space in a variety of sizes and with customers coming from sources including the Police Service, small businesses and those needing to temporarily store their possessions while moving home, Jacobs insists that Lok’nStore is a company that is ‘basically about making a good return even in very tough times’.

In addition to Jacobs, the board includes members with a multitude of different backgrounds. Chairman Simon Thomas had a long career in banking and publishing having founded the emerging markets investment trust business at LCF Edmond de Rothschild, while overseeing the numbers is Roy Davies, who previously worked at gym chain Dragon Health Clubs and health club operator Crown Sports.

The company recently declared a strong set of interim results for the six months to January, reporting a more than tripling of pre-tax profits to £604,130 (2010: £190,626) on sales up 4.5 per cent to £5.42 million. A paring down in its debt was also reported, with the group declaring a net debt position of £21.9 million, down £2.3 million against the same period last year.

Jacobs noted that the results ‘were particularly good as they came against a struggling economy’, with the increase in sales and profits driven as much by a rise in the cost of using its services as by demand from new customers. As Jacobs is keen to emphasise, a relatively modest rise of 4 per cent a year is of little concern to customers who are ‘unlikely’ to attempt to relocate their stored possessions to another storage centre.

Looking forward, he draws attention to a recent agreement with budget supermarket chain Lidl. The deal will see the construction of a Lok site in Maidenhead, Berkshire, with around 58,000 sq ft of space at a site that will see both companies sharing the lease. Lok hopes that the increased footfall from Lidl customers will lead to new customers for its self-storage business. In addition, there are plans for new stores at Portsmouth and a store expansion programme at both Southampton and Reading.

An unusual company to value, Lok’s shares trade at an artificially high p/e if considered a traditional trading business, which fails to take into account its extensive property portfolio. For potential investors there is also the added spice that Laxey Partners, well known as activists, owns 29 per cent of the shares.

Analysts at Hardman & Co are forecasting pre-tax profits of £800,000 (2010: £430,000) for the year to July 2011, with sales expected to grow from £10.4 million to £10.7 million. EPS growth to 2.4p is also pencilled in for 2011, though it is set to fall slightly to 2p in 2012. The shares also pay a dividend, albeit forecast to stay flat at 1p both in 2011 and 2012.

Trading at a hefty p/e, many fail to assess the company on a discount to NAV per share basis. Currently trading at a massive 53 per cent discount on its current price of 107p, it is this discount that makes the shares look attractive.

Operating in a resilient sector that has proven itself to be relativel By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8279909&action=detail Thu, 19 May 2011 17:21:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8119803 Tuesday, Apr 12 2011 by Hardman and Co 0 comments


Apr 12th 2011 - Hardman and Co today published a report on Lok'n Store (LOK.L, LSE:LOK, LON:LOK) entitled "Post Interim Results – Upgrade". In summary, the report says:

Yesterday's H1 (to January 2011) posted EBITDA in line with expectations and PBT ahead of expectations. We are raising full year PBT to £0.8m and maintaining 2011/12E PBT estimates. In 2009/10 EBITDA profits returned to the all time high of 2006/07 and 2010/11 is set to exceed the former high.

http://www.stockopedia.co.uk/research/post-interim-results-upgrade-55704/ By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8119803&action=detail Tue, 12 Apr 2011 15:18:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8119161 Created: 12 April 2011 Written by: Stephen Wilmot
Self-storage company Lok'n Store nearly doubled operating profits to £0.85m in the first half as it managed to increase rents and reduce costs without choking off demand. In fact, occupancy level were up 2 per cent year-on-year despite average price increases of 3.5 per cent.
Chief executive Andrew Jacobs says the group's 7,000 customers – 63 per cent of them are households – are "not particularly price-sensitive", placing greater emphasis on convenience and security than on cost. That and short tenancy periods makes him optimistic he can continue to increase rents and revenues, even in a dull economic environment.
Property values were pretty flat over the six month period, albeit 3.3 per cent higher than a year ago, with the group's total estate valued at £81m. Net debt looks modest by comparison, though Lok'n Store's main facility with RBS expires next February. Great clarity on a new facility is expected at the time of the full-year results.
The group is currently the fourth largest self-storage player in the UK, with 22 stores. It does have four further sites to develop when clearer signs of growth emerge, but for the moment Mr Jacobs remains cautiously focused on driving cash flow rather than expansion.
Brokerage Arbuthnot expects adjusted year-end NAV of 239p (2010: 224p).
LOK'NSTORE (LOK)
ORD PRICE: 109p MARKET VALUE: £ 28m
TOUCH: 107-111p 12M HIGH / LOW 143p 81p
DIVIDEND YIELD: 0.9% TRADING STOCK: NIL
DISCOUNT TO NAV: 31%
INVEST PROPERTIES: £72m NET DEBT: 55%
Half year to 31 Jan Net asset value (p) Pre-tax profit (£000) Earnings per share (p) Dividend per share (p)
2010 149 191 0.24 0.33
2011 159 604 1.55 0.33
% change +7 +216 +546
Ex-div:04 May
Payment:06 Jun
Aim: real estate
Guide to the terms used in IC results tables.
More analysis of company results
More share tips and updates...
SHARE TIP UPDATE:
Buy
Shares in Lok'n Store have fallen this year, though they remain well above the level when we first turned buyers (69p, 10 Nov 2009). The shares now trade on a far deeper discount to NAV - 50 per cent on an adjusted basis and 31 per cent on a reported basis - than main-market peers Big Yellow and Safestore, despite a strong track record. Buy.
Last IC View: Buy, 125p, 18 Oct 2010 By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8119161&action=detail Tue, 12 Apr 2011 14:02:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.8112876
He wrote a reduce recommendation on them at 129p last year and is now rating them as a buy at the current price

http://www.growthcompany.co.uk/news/1617608/loknstore-filling-space-.thtml By petrit ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8112876&action=detail Mon, 11 Apr 2011 13:36:00 GMT petrit tag:iii.co.uk,2003:tst.8034781 Await next months interims.

By vx1 ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8034781&action=detail Sat, 26 Mar 2011 12:02:00 GMT vx1 tag:iii.co.uk,2003:tst.8033839
Recovery & value plays: Joseph Piotroski

Created: 25 March 2011 Written by: Algy Hall

Accounting professor Joseph Piotroski rose from relative obscurity with his publication in 2000 of a paper titled 'Value Investing:

The Use of Historical Financial Statement Information to Separate Winners from Losers'.

The basis of Piotroski's screen is the observation that many value stocks are cheap for a reason and it is necessary to sort the wheat from the chaff when prices are low.

The analysis is applied to stocks with the lowest price-to-book value.

The companies are then tested on nine "fundamental signals" aimed at measuring three key areas: profitability, financial leverage/liquidity and operational efficiency.

Companies score one point for each of the nine "fundamental signals" they display with an "F Score" of eight or above deemed to be high.

While the individual hurdles the stocks have to jump over are not set too high, together they go a long way to making sure a company is robust and that its situation is getting better.

How the screen breaks down

■ Positive profit after tax excluding exceptional items.

■ Positive cash from operations.

■ Profit after tax excluding exceptional items are up on last year, which professor Piotroski highlights as being of particular importance given the likelihood that stocks on low valuations may be in recovery mode and in the process of re-rating.

■ Cash from operations higher than profit after tax excluding exceptional items.

The ability to convert accounting profit into cash is key.

If a company isn't doing this, it could spell trouble for the future and may even mean profits are being manipulated to tell a happy story.

■ Gearing (net debt as a percentage of net assets) is down on the preceding year, which suggests that the company has not had to look for external sources of finance.

■ The current ratio (current assets divided by current liabilities) is up on the preceding year, which suggests the company's ability to service current debt obligations is improving.

■ No new shares issued over the last year, which again suggests that the company has not had to look for external sources of finance.

■ Gross margins have risen in the last year.

■ Improving capital turn (turnover as a proportion of last year's net assets), which suggest greater productivity.
PIOTROSKI PICKS

Piotroski is interested in any company with an F-score of eight or nine. Our screen did not find any nines this time round, but there were a good few eights.

Lok'n Store
Despite torrid conditions in the housing market, trading has been good recently for self-storage firm Lok'n Store.

The group has been cutting running costs at the same time as cramped households have been renting more space in its storage centres.

However, as the Piotroski screen detects, the discount the shares trade at to net asset value (NAV) is possibly the main attraction here.

Discounts to NAV are a key way property companies' shares are valued and Lok's 54 per cent discount to its last reported adjusted NAV per share of 224p looks steep. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=8033839&action=detail Fri, 25 Mar 2011 21:10:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.7964569 http://www.stockopedia.co.uk/research/beer-and-crops-the-hardman-monthly-54819/ By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=7964569&action=detail Mon, 14 Mar 2011 22:27:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.7448646 So today's announcement is very welcome that it will develop its Maidenhead store in collaboration with German retail giant Lidl.


http://www.helium.com/items/2033413-storage-lok-n-store-big-yellow-safestore-shares-london-self-storage-laxey-partners
By Duck Himself ]]> http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=7448646&action=detail Wed, 15 Dec 2010 08:37:00 GMT Duck Himself tag:iii.co.uk,2003:tst.7411188 http://www.iii.co.uk/investment/detail?code=cotn:LOK.L&display=discussion&id=7411188&action=detail Wed, 08 Dec 2010 14:39:00 GMT Andinvestor