This is a solid real estate company. The financial year ended in September and the results will be due in the coming weeks (yet to be confirmed) The shares historically rise leading up to the results, which are expected to be good after all the developments over the last year.

after the interims for six months to March 2004, NAV rose to 294 pence from 287 pence and pretax profit was 7.55 mln stg, up from 6.39 mln. Turnover for the half year rose to 23.8 mln stg from 22.6 mln.

The board at the time recommended an increased interim dividend of 1.513 pence, up from 1.375 pence. The board said the first half of the year had seen a welcome return to more settled conditions in the West End. There has been a noticeable recovery in business confidence and visitor numbers, it added.

The group has an active programme of refurbishments and improvements.
Currently commercial projects completed and available to let have an estimated
rental value of 1.6 mln stg per annum. Projects currently being planned or in
progress have a current estimated rental value of 1.5 mln stg per annum.

Carnaby now represents 42 pct by value of the company's property assets. It
includes 166 shops and restaurants and 55 pct of its offices.

The group said it expects Carnaby will also benefit from The Crown Estate's
comprehensive programme to upgrade its adjoining Regent Street estate between
Piccadilly Circus and Oxford Circus.

The company haD started to extend and improve a further seven
shops at prominent corners in Carnaby Street. interest suggested that by
completion of works in the autumn they will let quickly and at improved rental
levels.

In addition, offices in Carnaby continue to attract fashion-related
retailers and businesses and rents have now stabilised. Currently the group has
15,000 sq ft of offices ready to let and a further 16,000 sq ft due to be
refurbished. Covent Garden represents 30 pct of the company's property assets and now includes 131 shops and restaurants, 30 pct of the company's offices and 40 pct of its residential uses.

The group is giving priority to unlocking the full potential of the group of
freeholds including and adjoining Wellington House, which extend to about
two-thirds of an acre immediately south of Seven Dials towards Long Acre. The
group is seeking planning permissions for mixed uses with an emphasis on
shopping and leisure in place of predominantly existing offices and car parking.

In Chinatown, the group said business confidence has now returned after the
depressed conditions of the previous 18 months brought about by the confluence
of unrelated external events.

Consequently, as expected, the group has now let, on good terms, all three
restaurants, which were vacant at last year end, including the recently improved building at the corner of Shaftesbury Avenue and Wardour Street.The group has secured vacant possession of two large restaurant buildings and improvements are now under way. Current enquiries suggest that they will let readily on completion of works later this year.

overall the shares are reasonably placed up 4p from 278p today, i would expect them to move further ahead and it seems a good solid play for value investment , for those loooking for 5-15% return in 2 months.

good luck other views welcome

exceeded my expectations ... a approx 20% return for under 2 months .. time to move on though

Yes and the Brokers are now taking a shine to the stock.....

Shaftesbury PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Arbuthnot Securities
18-03-09 BUY 17.12 12.23 11.00 18.29 13.33 11.00

KBC Peel Hunt Ltd
04-03-09 BUY 9.99 7.21 8.80 11.99 8.65 8.80

Teathers
04-03-09 RED 16.69 11.98 11.38 18.34 13.50 12.15

Singer Capital Markets Ltd
11-02-09 UREV

2009 2010
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 16.90 12.10 11.20 18.32 13.42 11.00

1 Month Change 0.69 0.47 0.20 0.62 0.59 -0.06
3 Month Change 0.67 0.45 0.20 0.61 0.58 -0.06

Notes to forecasts
Where confirmed by brokers, forecasts for REIT's combine PID and non-PID dividends. Otherwise, they are excluded from consensus with a D flag


GROWTH
2008 (A) 2009 (E) 2010 (E)

Norm. EPS -94.09% 1,232.34% 10.91%

DPS 78.27% 6.67% -1.79%

INVESTMENT RATIOS

2008 (A) 2009 (E) 2010 (E)

EBITDA 41.00m 47.88m 49.75m

EBIT 40.86m 46.34m 49.28m

Dividend Yield 3.33% 3.55% 3.49%

Dividend Cover 0.09x 1.08x 1.22x

PER 347.40x 26.07x 23.51x

PEG -3.69f 0.02f 2.16f

Net Asset Value PS 469.29p p p

Ex-divi wed 23rd Jan 2013 (6.05p)

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