Interim results show strong earnings growth as the PRS REIT grows and the board has indicated it will look to declare a maiden final dividend. As indicated in the recent PRS REIT updates, site commencement in Q2 was slower than expected which had a knock on effect. Sites may still begin in December but we make a pre-emptive change reducing FY18e PBT by 7% but leaving FY19e unch. Once sites planned for Q4 are initiated, only a further 6 sites need to be secured to hit the current FY19e forecast.
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PBT trebles yoy, but phasing prompts some caution
- Published:
25 Sep 2018 -
Author:
Andrew Watson -
Pages:
3
Interim results show strong earnings growth as the PRS REIT grows and the board has indicated it will look to declare a maiden final dividend. As indicated in the recent PRS REIT updates, site commencement in Q2 was slower than expected which had a knock on effect. Sites may still begin in December but we make a pre-emptive change reducing FY18e PBT by 7% but leaving FY19e unch. Once sites planned for Q4 are initiated, only a further 6 sites need to be secured to hit the current FY19e forecast.