Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FAIR VALUE REIT-AG. We currently have 4 research reports from 1 professional analysts.
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FAIR VALUE REIT-AG
FAIR VALUE REIT-AG
Waiting to pounce
16 May 16
Q116 results are consistent with our full year forecasts, towards the top end of management guidance, and we have made no material changes to our estimates. 2015 saw FVI raising capital and moving into a growth phase after several years of focusing on portfolio optimisation. It acquired a majority holding in a new subsidiary, increased participation in existing subsidiaries and directly acquired properties previously held within subsidiaries. The capital base is sufficient to support further similar significant growth that is not yet reflected in our base case forecasts.
Shifting to growth
29 Apr 16
2015 saw Fair Value Reit (FVI) moving into a growth phase after several years of focusing on portfolio optimisation. New growth capital was raised early in the year with the proceeds directed towards a majority holding in a new subsidiary, increased participation in existing subsidiaries, and the direct acquisition of properties previously held within subsidiaries. The capital base is sufficient to support further significant growth that is not yet reflected in our base case forecasts. DEMIRE acquired 78% in the voluntary public takeover offer in December 2015 but FVI retains its listing and REIT status.
Demire approach adds growth option
11 Sep 15
Underlying interim results were effectively looking backwards to a period of portfolio rationalisation and declining rental income. Meanwhile, Fair Value REIT (FVI) has been making considerable progress with its growth strategy, investing directly in properties previously owned by subsidiaries, increasing its investment in existing subsidiaries, and adding the new closed-end real estate fund subsidiary (BBV08). Management guidance anticipates further investments over 2015 and 2016 that have the potential to significantly increase our estimates further (based on the current structure). Meanwhile, a voluntary public takeover offer for FVI by Demire has been proposed. The move is welcomed by management and would see the creation of a larger, more diversified player, with c €1bn in gross assets.
Progress on growth plans
07 Jul 15
Fair Value REIT (FVI) has announced further progress in its growth strategy, with the acquisition of a majority stake (c 52.8%) in a closed-end real estate fund (BBV08). The €8.4m cash investment uses proceeds from the €34.7m (net) equity increase in May. The terms of the acquisition add immediate value to FVI shareholders, enhancing EPRA NAV and underlying EPRA (or FFO) earnings per share. We estimate that leveraged investment of the remaining proceeds of the equity increase could lift annualised adjusted earnings by a further 41%.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
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.
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
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.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
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.