Final results are in line (adj. PBT -3% variance vs N+1Se). NAV +16% on growing asset management income and development profits. Impacted by COVID, development was halted albeit now being restarted. We note a £27m cash balance (28/4). Recurring asset management fees would cover costs and limit cash burn in the event of a prolonged lockdown. We withdraw forecasts in light of current uncertainty. The current 1.2x P/B valuation does underestimate the ability for future FCF generation.
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FY19 in line, recurring income = COVID resilience
- Published:
30 Apr 2020 -
Author:
Andrew Watson -
Pages:
3
Final results are in line (adj. PBT -3% variance vs N+1Se). NAV +16% on growing asset management income and development profits. Impacted by COVID, development was halted albeit now being restarted. We note a £27m cash balance (28/4). Recurring asset management fees would cover costs and limit cash burn in the event of a prolonged lockdown. We withdraw forecasts in light of current uncertainty. The current 1.2x P/B valuation does underestimate the ability for future FCF generation.