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The assets performed well in Q1 22 with Gross Rental Income (GRI) up 4.1% (2.7% lfl). €1.5bn of acquisitions in FY 22-23 will push the top-line higher.
Companies: Inmobiliaria Colonial (COL:BME)Inmobiliaria Colonial SOCIMI SA (COL:MCE)
Following its asset-stripping phase, Colonial is back to its net-buyer strategy. It intends to acquire €1.5bn of assets in 2022-23, weighing 12% of its December 2021 GAV.
Strategic vacancy supported rising consolidated vacancy: from 4.9% in H1 21 to 6.6% in Q3 21. The latter reached 8% in Spain. Nevertheless, end-market parameters don’t show strong issues despite the ECB’s first warning about European commercial real estate.
Following Gecina’s H1 21 earlier this week, no major surprises have occurred. The portfolio’s performance was stable overall, as was end-market rents in Spain. Downward recurring profit in FY 21 was confirmed. This should precede a catch-up attributable to the nice deliveries planned in Paris in 2022-24, if vacancy stays low in the current standing portfolio by this horizon.
Colonial will acquire the missing 18% of Société Foncière Lyonnaise (listed, not covered), its key French subsidiary, in a cash, shares and asset deal. It won’t modify Colonial’s profile deeply.
Recent disposals and rising vacancy in Q4 20 percolate into a lower revenue in Q1 21. Profits will be down in FY 21. The pre-let portion of the company’s pipeline should support recovering recurring EPS in FY 22.
Before the strong building commissionings planned in 2022-24 in the City of Paris, Colonial has accelerated its disposals in FY 20. Even if this has weighed on the top line, it has secured the balance sheet. Rising vacancy everywhere should pervade in end-market rents in FY 21-22. It has started in Spain already.
The rally of the past five days has pushed up Colonial’s share price. The Q3 20 figures showed nevertheless a weakening lfl performance, coupled with stable rents in Spain, for the third consecutive quarter. Vacancy rised slightly before the long convalescence of the Spanish economy.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Inmobiliaria Colonial SOCIMI SA.
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Companies: Emmerson Plc
Aviva’s Q1 22 trading update was slightly above our expectations although this remains very much tied to the top-line and profitability could be impacted as of H1. Do the operations really mean that much for the share price with high dividends as a back-up? The latter are expected to continue as the firm has stated that it will release capital above its 180% solvency ratio.
Companies: Aviva plc
Companies: Plus500 Ltd.
Duke has raised £20m in new equity capital, subject to shareholder approval, to fund their continued expansion. The new capital will also support the company's target of increasing their debt facility by a further £25m, and therefore providing a total of £45m of new capital to invest. The increasing scale and diversification of the portfolio is forecast to eventually increase free cash flow per share once full deployment has taken place and will allow Duke to seek a reduction in its debt facilit
Companies: Duke Royalty Limited
Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
Companies: ANIC RUA CREO GENI HEIQ IHC IXI IUG OPTI SBTX VAL VLG
*A corporate client of Hybridan LLP
Dish of the day
EnSilica (ENSI.L), has join AIM. EnSilica provides an end-to-end service for the design and supply of mixed signal ASICs, outsourcing certain elements such as the wafer fabrication of the manufacturing and packaging to third parties - otherwise known as a Fabless Semiconductor Model. ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help
Companies: YGEN AFRN ALBA ART BLV CCS EPWN FIPP NWT KETL
ADF has released its first annual results as a public company and has made quite the entrance with a record set of numbers. FY21A revenues came in at £27.8m, 245% above prior year revenues given FY20A was impacted by lockdowns, and 75% above FY19A revenues. They supported 39 productions, including the latest series of The Crown, Peaky Blinders, and Doctor Strange. We have upgraded our forecasts for FY22E and FY23E on a top-line and bottom-line basis. We believe the company is undervalued on an F
Companies: Facilities by ADF PLC
Belvoir has acquired TIME Group Ltd, an appointed representative of Mortgage Advice Bureau (MAB) for an initial £3.7m cash cost. TIME provides mortgage and related financial services and is a good step forward in Belvoir’s growth strategy, within which the potential in Financial Services plays a key part. The initial cost represents 5.8x FY 2021 PBT and we have upgraded our FY 2022E EPS by +3% and 2023E by +7%. In FY 2021, Belvoir’s Financial Services division grew revenue by +44% organically an
Companies: Belvoir Group PLC
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Clipper Logistics has left the Main Market following a Cash takeover.
What’s cooking in the IPO kitchen?
According to news reports, The Very Group, is looking to float after calling off their plan for a £4bn IPO last year due to a volatile market. The ecommerce group is owned by the Barclays family. According to the Sunday Times, the retailer has offered incentives to senior leaders at the firm for pulling off a flotation, which the Barclays family now hope to
Companies: AXS AMS EVG FRAN KMK MRL SDX TEK TGP
Companies: BLV POLB RBN
Following its 30 April year end, Purplebricks preclose reveals instructions and revenue in 2H have resulted in an £8.8m EBITDA loss for the year.
Companies: Purplebricks Group Plc
ADX Energy (ADX AU)C; Target price of A$0.060 per share: Flow rate at the top end of expectations at important appraisal well - The Anshof-3 well flowed ~75 bbl/d of light oil (and no water) on test from the Eocene reservoir. This has positive implications for production, reserves and the upside case. The flow rate was at the upper end of expectations (40-80 bbl/d). The well has not been acidized yet which could boost production rate b
Companies: TAL SNM XOM XOM TTE SEPL SHEL REP REP PAT OMV OMV HUR FAR ENI ENI EME EDR DELT DEC CEG AKRBP AKERBP ADX CE1 PEN PEN TETY TETY EGY VLE
Delivering outperformance when the macro becomes tough
In our initiation HICL INFRASTRUCTURE: A Public Partner in Private Infrastructures we argued that due to the defensiveness of HICL''s portfolio, the assets'' strong inflation hedge and the ongoing recovery of mobility-related assets and Affinity Water, HICL should fare well in a risk-off market amid rising inflation. HICL''s share price is roughly flat YTD but this compares to -3% for the FTSE all share. The 4% beat for FY22 vs. our NAV p.s
Companies: HICL Infrastructure PLC
Companies: Honeycomb Investment Trust Plc
LSL’s performance in 2022 YTD shows the benefits of its Financial Services growth strategy and significant progress in its Surveying Division. The impact of housing market cycles will have a reducing impact. As previously reported, the split of H1:H2 profit in 2022 will have a more typical profile (i.e. skewed to H2), after a record H1 2021.
Companies: LSL Property Services plc