Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INMOBILIARIA COLONIAL SA. We currently have 5 research reports from 1 professional analysts.
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INMOBILIARIA COLONIAL SA
INMOBILIARIA COLONIAL SA
Positive 9M figures, Buy recommendation maintained
15 Nov 16
Colonial published its Q3 figures. 9-month revenues stood at €205m, up 21% yoy (and 8% lfl), EBITDA of €166m gained 29% yoy (13% lfl) and net profit of €51m gained 86% yoy. The financial position remains strong following the issuance of €600m notes in October, an increased debt maturity and a lower cost of debt.
Strong H1 16 figures - Buy recommendation maintained
28 Jul 16
Colonial has published solid H1 16 figures with GRI up 10% lfl to €137m, well ahead of our aggressive €263m for the year. All markets show a positive trend and Barcelona performed particularly well with a GRI lfl growth of 13.2%, 5% for Madrid and another 10.5% for Paris (supported by In&Out). All renewals were made above ERV and the occupancy rate now stands at 97% (up 8.3%). The group’s GAV has gained 5% lfl to €7.6bn and EPRA NAV now at €6.8 per share, or only at 6% discount to our previous 18-months forward expectations. The financial position remains contained, with LTV still under 40%, despite the recent “Alpha Project” acquisitions for €400m. Cost of debt has been reduced to 2.06% (-21bp) and the group’s net debt now stands at €3.1bn.
FY15: solid lfl growth on positive strong rental activity
23 Feb 16
- Rents at €231m are up 6% lfl and 9% yoy, and EBITDA increased by 8% lfl to €178m; - NAV was up 13% lfl to 62 cents and now only stands 6% below or 18 months forward NAV. GAV increased by 16% lfl to €6.9bn, supported by both rental growth particularly from the French rental activity — Cloud and In & Out and 90 CE in France — and yield compressions from all regions. - Asset valuation was supported by additional improvements in financial occupancy which gained 698bp to 94%: Barcelona 89%, Madrid 96% and Paris 94%. - The dividend has finally returned with an announcement of 1.5 cents a share.
Colonial—visiting the Barcelonan assets: hotels to absorb the excess supply in offices
29 Jan 16
Barcelona is still a difficult market, but Colonial is good on execution. Although voids are generally an issue in Barcelona, Colonial is still beating the market. Colonial’s Barcelonan vacancy rate stands at 7.5% vs 11.4% for the market. Prime rents currently at €19/s.qm/month are still below the peak of €28. Improvements are expected, however at a lower rate as compared to expectations for Madrid. As a result, Colonial is primarily searching for investment opportunities in Madrid. Family offices holding buildings represent a threat to rental activity as they tend to put downwards pressure on rents in times of recession.
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.