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RBG’s trading update this morning highlights two case losses and a £4.0m non-cash write-off within its LionFish subsidiary. Whilst this news is disappointing, the remainder of the Group is trading well and marginally ahead of previous expectations. Group earnings downgrades are significant (-46% for FY22 and -35% for FY23) with no further contribution from LionFish assumed. On reduced earnings, though, the shares are only trading on 10.6x FY23 P/E, an 18% discount to the peer group average of 13
Companies: RBG Holdings Plc
Singer Capital Markets
The share prices of many logistics-focused REITs, including Tritax EuroBox (EBOX), have been hit as interest rates have risen and the investment market has cooled. Inevitably, valuations in the low-yielding logistics property sector will fall as investors factor this in.
However, the occupier market is still a landlord’s market, with record low supply and robust demand putting owners in an advantageous position, meaning rental growth is very much in the picture. This will have an offsetting eff
Companies: Tritax EuroBox Plc
Companies: RNO DOTD NTQ KMK PMG EVG
Dish of the day
BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio
Companies: RNO BEM BOIL DOTD NTQ KMK PMG EYE EVG ENET
If one looks through the current interest rate cycle and trusts that inflation will be brought under control at some point within an investable timescale, then the hope is that as the cost of capital reduces real estate values will rise again. Our worst-case scenario of a 200bps move in yields and no rental growth would see valuations fall by a third. Many of the discounts that industrial and logistics property companies are trading on are currently wider than this. Couple this with the strong o
Companies: LMP SGRO WHR ASLI EBOX BBOX SHED MLI
The detail in the recently published Q3 NAV statement (+2.6% TR) bodes well for future returns. Specific items include a conservative assumption for UK inflation in 2023 (2.75%), the avoidance of UK Windfall taxation (due to scale), higher discount rates (wgt. av. 7.7%, +0.5%) and the disclosure that the post period investments in UK solar and Swedish Hydro power have base case returns in excess of the revised portfolio discount rate. In our opinion, DORE is well placed to act as a diversifying
Companies: Downing Renewables & Infrastructure Trust Plc
Dish of the day
No joiners today.
Attraqt Group delists from AIM following their acquisition from Crownpeak Holdings LLC.
What’s cooking in the IPO kitchen?**
Savannah Energy, the AIM-quoted energy company is undergoing a reverse transaction in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. No capital to be raised on Admission. Anticipated market cap £300m. Expected admission date TBC.
Companies: CAR SDI IXI ANR POW SVML
Wise wants to drive the cost of remittances and cross-border transactions to zero, granting a strong pricing advantage vs. competitors plus, a strong barrier to entry. But how can Wise do so, profitably, when most of its peers can not?
Here lies the hidden value of its infrastructure, beyond software, which is the result of past spendings for licences, regulatory approvals and…more crucially, time.
We put a price on this infrastructure which we consider as goodwill in our NAV.
Companies: Wise PLC Class A
• H1 FY23 Results: Group revenue of £179.1m is +3.4% YOY which we see as a robust performance versus a strong prior year comparative and against a turbulent economic backdrop. Legal Advisory grew 3.8%, with Connected Services +15.5%, offset by a decline in Mindcrest -16.6% YOY as a flagship contract ended and an increasingly competitive marketplace resulted in aggressive pricing of work. All divisions are well positioned with a strong pipeline to accelerate growth in H2. Higher direct costs have
Companies: DWF Group Plc
Companies: Mind Gym Plc
Dish of the day
Hellenic Dynamics (HELD.L) (formerly U.K. SPAC Plc) announces their First Day of Dealings on the Main Market (Standard segment). The Company has raised gross proceeds of £1.125m through a fundraising. Hellenic Dynamics plans to cultivate and export THC dominant medical cannabis products to the 25 countries in Europe that now allow medicinal cannabis for patients via prescription.
Whilst we were away….
Life Sciences REIT (LABS.L), moved from AIM to Main Market Premium on
Companies: FARN BIDS ATM MATD
FRP has announced the bolt-on acquisition of APP, a Cyprus-based provider of advisory, tax and audit services. This is FRP's first overseas deal and will enhance the company's abilty to service clients on international matters. The APP team is well-known to FRP, with Cyprus representing a market with strong connections to the UK. Financial details are not disclosed, and as the acquisition is relatively small (16-person team) in the context of FRP's scale, we leave our forecasts unchanged. We see
Companies: FRP Advisory Group Plc
IXICO has released results for the 12-months to September 2022, announcing revenues of £8.6m, gross margin of 61%, and EBITDA of £1.5m, in line with our forecasts. Cash at period end was £5.8m. IXICO's order book stood at £16.0m at the end of Sep-22, having signed £12.6m of new contracts through the year. We believe IXICO has successfully re-built its order book, and while the recent trial cessations will continue to impact in FY23E (forecasts maintained), we believe the company is in a strong p
Companies: IXICO Plc
Status of this Note and Disclaimer
This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv
Companies: IRON ORR TRR BONH IXI PURP SAE
RBG’s interims confirm good progress in the first half resulting in significant revenue and profit growth, driven by last year’s Memery Crystal acquisition. The Group looks to be well on track for the full year, given positive ongoing demand for its services. Valuation remains compelling, in our view. We again highlight an anomalous discount to peers, with RBG trading at a 45% discount (on an FY23 P/E basis) despite growing at almost twice the rate of peers on our forecasts. The dividend yield i