Attractive entry point: wide discount and high dividend yield

Our work suggests the current 23% discount to NAV is too wide The discount to NAV HICL trades at widened throughout 2023 as the impact of rising interest rates eventually translated into a higher cost of capital. The current 23% discount is close to trough historical valuation, and our work suggests this is too wide given that i) HICL disposed of 15% of its portfolio at or above carrying values, ii) transactions on private secondary markets are made at lower discounts, and iii) historical regre

LIBERUM: CLS Holdings: Conversion of Debussy, Paris into serviced apartments

LIBERUM: PayPoint: On track for £100m of EBITDA

LIBERUM: Speedy Hire: Weakness in FY 24 but recovery in FY 25

abrdn Equity Income

AEI is delivering a sector-leading yield, with low valuations offering strong capital growth potential…

Custodian Property Income REIT - Organic earnings and dividend growth

Custodian Property Income REIT (CREI) has published results for the year ended 31 March 2024 (FY24). As previously indicated in the Q424 update, set against a challenging market environment, FY24 performance was strong. Underpinned by leasing progress and rental growth, EPRA EPS increased 3.6% to 5.8p, fully covering the targeted recurring DPS of 5.5p and the 0.3p special dividend. The FY25 annual DPS target is 6.0p (+9%), underpinned by the robust occupier market and CREI’s increasing confidenc

Syncona - Overview

Syncona (SYNC) founds, builds, and funds life science companies, seeking to build a relatively concentrated/high conviction portfolio of up to 15-20 companies. It aims to invest at a very early stage, partnering with academics and takes a long-term approach, seeking to maintain a majority equity stake over a company’s development. SYNC has the flexibility to run winners, such that the portfolio can be very concentrated. The majority of SYNC’s companies will be located in the UK or Europe, which

Fidelity China Special Situations

FCSS has outperformed in a challenging year…

LIBERUM: Speedy Hire* - Strategy brings growth and resilience

LIBERUM: Speedy Hire* - More self-help and infrastructure boom

Primary Health Properties - Stability with income growth

The key feature of Primary Health Properties’ (PHP’s) 2023 results was the further acceleration in rental uplifts, rising at the fastest pace for 15 years. This is driving organic earnings growth to fully cover progressive dividends, which are now in the 28th year of unbroken increase.

Regional REIT - Q124 DPS unchanged ahead of refinancing

For Q124, Regional REIT (RGL) has maintained the rate of quarterly DPS at 1.2p. We expect DPS for the year will partly depend on RGL’s chosen re-financing route. Meanwhile, RGL’s asset disposal programme continues to progress. Portfolio EPC ratings have continued to show good improvement and, adjusted for disposals, rent roll and occupancy were robust. We have made no changes to our forecasts.

The Hardman & Co Monthly: June 2024

Feature article: Two worlds divided by a common language Summary Few people would deny that raising capital in 2023 and 2024 has been very challenging. The key components of the market, the “two worlds” of corporates and investors, are nowadays often far apart in how they assess value – pre-COVID, this was much less of an issue. This has resulted in frustration and inertia, which, on a sustained basis, can have a significant negative impact on companies and the economy. This issue needs urgen

Hybridan Small Cap Feast - 28 Mar 24

28th March 2024 Happy Easter @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific inve

Henderson High Income

Henderson High Income (HHI) has recently announced that Henderson Diversified Income will be merged into it, subject to shareholder approval, which would add advantages of scale to HHI in the coming months. HHI’s manager David Smith believes that for the new HHI shareholders the timing of this merger may be fortuitous, as he feels that a number of key risks facing the UK equity market are reducing: it is likely to avoid a material recession, inflationary pressures have diminished, and political