Research, Charts & Company Announcements
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Merger with CA IMMO planned for Q2 17
18 Apr 16
Acquiring 25,690,163 shares (or 26%) of CA Immo at €23.50, Immofinanz has announced the first step of the merger with CA Immo. The €604m transaction with Terim Limited and O1 Group will be financed by debt and the issuance of a convertible bond. Prior to the merger, IMMOFINANZ also plans to demerge or sell its Russian assets. So far, the outlook on the distribution policy remains unchanged as previously announced.
H1-15/16 figures—Changing the Story
17 Dec 15
Immofinanz published its H1 (May-October) figures with, as expected, lower results from Russia. * Rental income stood at €160.3m, down 25% yoy, results of asset management were down by 40% to €102.1m and net profit stood at €132.2m from €3.4m, resulting from positive currency translation effects from ruble to Euro (+€335.4m). * On an lfl basis, figures decreased by 4.4% in H1, with a 4.1% decrease from Russia while other regions were relatively flat. * Management has announced its will to use €1.8bn of reserves to pay dividends, hopefully as soon as FY15-16. * In line with the announcements made last summer, an agreement has been signed with Blackrock to acquire Logistics for €500m, as soon as February 2016. The proceeds will finance new investments in Germany.
Weak Russia as expected and Buwog exit by FY15/16
17 Sep 15
Rental income stood at €91.4m, down from €117.6m yoy and down 2.7% on an organic basis, as expected impacted by the continuing mess in Russia, and the results from operations stood at €53.6m, also down from €90.9m. Net financing costs were marginally stable at €42.4m while FX effects from Russian financing increased to €94.1m from €17.1m yoy. Triple NAV stood at €4.08 from €3.94 at FY14/15.
Weak FY14/15 results as expected: selling Buwog and Logistics to focus on core West
07 Aug 15
Immofinanz has published weak FY14-15 (end April) figures as stated in the preliminary announcement. Rental income was down 10.9% (o/w -10% lfl) to €426.3m yoy, operating profit was down 54% to €216m, revaluation results stood at -€100.5m from €199.2m yoy and net profit down to -€361.4m from €72m. EPS stood at -€0.35 from €0.17 yoy. NAV stood at €4.19 down from €4.56, also below our expectations. And the total portfolio value now stands at €5.3bn down 9.6% reflecting the Russian negatives (-10.6%). Management has signed an agreement to dispose of its logistics portfolio (approx. 1 million sq.m, 7.8% of the total portfolio) and is putting its shares in Buwog on the market to offset the Russian pain and resume dividend payment next year. More information on dividend policy after the AGM.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Panmure Morning Note 30-11-2016
30 Nov 16
Brewin Dolphin’s results for FY16 are a mixed bag, with most numbers beating consensus but the key numbers failing to beat management’s KPIs. So although AUM is up more than 10% and revenue/adjusted PBT/EPS/DPS beat consensus estimates, in our view the continuing struggle to increase revenue and expand margins could weigh on the valuation. Despite this, our investment case is unchanged and we retain our Buy recommendation and price target of 320p.