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Research Tree provides access to ongoing research coverage, media content and regulatory news on FONCIERE DES REGIONS. We currently have 3 research reports from 1 professional analysts.
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FONCIERE DES REGIONS
FONCIERE DES REGIONS
Better than expected numbers
26 Jul 16
We have updated our model after Fonciere des Regions’ H1 numbers. GS rent stood at €287m, up 5.9% yoy and flat on an lfl basis. By segment, French offices came in flat at -0.3%, Italian offices -0.8%, Hotels and Services -2.1% (due to the terrorism impact on AccorHotels) and German Resi gained 2.1% lfl. Net income was up 4.2% yoy to €176.6m, or €2.64 per share (decrease due to share issues). This comes slightly ahead of our expectations. The group’s GAV has reached €18.3bn, or €11.7bn at GS (up 3.2% lfl), and NAV at €82.40 per share is up 9%, also standing ahead of our expectations. The occupancy rate has increased marginally from FY15, stable at 96.7% (from 96%), and the company’s average lease term now stands at 7.5 years (from 7.3 years at FY15). Beni Stabili’s stake has been increased to 52.2% from 48.3% and FDM’s to 49.6% from 43.1%. Management has maintained its FY16 target of a stable EPS outlook.
An asset rotation year, higher quality ahead
19 Feb 16
- GS rent stood at €549.4m, down 0.1% lfl, and net income was up 6% to €333m or €5.07 per share, marginally in line with our expectations, and the dividend is announced at €4.30 per share; - GAV has reached €18bn or €11bn at GS (up 4% lfl) and NAV at €79.4 per share is up 7% and now only stands 8.5% below our 18 months forward NAV valuation; - Occupancy remained stable at 96% and the company’s average lease term now stands at 7.3 years; - Cost of debt now stands at 2.8% (from 3.29% yoy), with maturity increased to five years (from 4.1 years yoy) after €4.2bn (€2.5bn GS) of debt financing; For 2016, management targets a stable level of EPS and payout.
A positive H1, and positive stance maintained
29 Jul 15
FDR published it H1 figures with GS rental income up 3% yoy to €271m (-0.1% lfl), NAV per share up 2% to €75.8 and a total portfolio revaluation of 2.1% lfl to €17.4bn and €10.8bn at GS. EPRA net income stands at €170m up 4% or €2.62 per share, marginally in line with our expectations and occupancy remained high at 97% (with Hotels always leading with 100% and a weaker Beni Stabili at 94.1%). Its financial position remains strong with net debt GS standing at €5.5bn and an LTV slightly increased to 47.5% due to recent operations. Management maintains the outlook of a slight increase in EPRA NRI for FY15.
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.
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
05 Dec 16
As we mentioned in our 18 November 2016 note, a continuation vote was expected to be announced before the end of 2016. The announcement last Friday included details of the continuation vote, and in particular, a recommendation by the Directors to replace the June 2015 strategy of selling non-core assets and developing the core projects, with a new strategy of an orderly sale of the Company’s assets, with a target of selling all assets by 31 December 2019 and a distribution policy for returning monies to shareholders following disposals. Alongside these recommendations, there are proposed changes to the remuneration for the investment manager.