The Sigma-advised The PRS REIT has completed a £250m placing programme. This drives material upside from additional income from management/development fees and development profits. We upgrade our adj. PBT forecasts by 56% in FY18e and 91% in FY19e. We also update our appraisal of intrinsic value and believe that Sigma is worth >140p/share now, with additional upside as the business evolves.
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REIT placing complete, 140p+/share intrinsic value
- Published:
26 Feb 2018 -
Author:
Andrew Watson -
Pages:
3
The Sigma-advised The PRS REIT has completed a £250m placing programme. This drives material upside from additional income from management/development fees and development profits. We upgrade our adj. PBT forecasts by 56% in FY18e and 91% in FY19e. We also update our appraisal of intrinsic value and believe that Sigma is worth >140p/share now, with additional upside as the business evolves.