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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
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
Companies: RNO DOTD NTQ KMK PMG EVG
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
Companies: Mind Gym Plc
Dish of the day
Ithaca Energy (ITH.L) has joined the Premium Segment of the Main Market. Based on the offer price of 250 pence per ordinary share, the market capitalisation will be approximately £2.5bn. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. The Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices.
OTAQ plc, (OTAQ.L) has joined the Access Segment of the AQS
Companies: BKY ATYM ACSO PCF SAR PYC WPHO
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
Wise released its full HY 23 financial statements following last month’s report on the Q2 23 top-line figures. Despite a material beat on profitability, the market reaction did not follow. We however confirm our optimism on Wise which remains one of our FinTech top picks.
Companies: Wise PLC Class A
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.
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
Companies: System1 Group PLC
The Big Book 2022 includes our highest conviction Best Ideas for 2022. In 2021 our Best ideas outperformed by 24%, extending our track record (>10% outperformance on average over the past decade). We have again divided our coverage into six distinct themes to create our Matrix. We have added two new categories this year: ESG and Pricing Power, both of which will be fundamental investment themes for 2022. We look forward to discussing our ideas with you.
Companies: RCH VLX WIN MTW HSP ADT INHC GFRD YGEN MERC G4M ART
Companies: Macfarlane Group PLC
Companies: Eurocell Plc