Company's reiterated confidence

Rents continue to rise across all Landsec business lines. The same comment applies as for British Land: at a rate well below inflation. But that in itself is good news. Landsec remains relatively positive for 2024.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: CTEC, LAND, IMB, INF, VOD, DOCS, ATYM, RQIH, TXP, & UOG.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: LAND, ITH, ARIX, SRAD, VANQ, GRID, OMU, & SED.

Another year of eroding NAV in 2023?

“Interest rates higher for longer” (management’s quote) should drive British landlords’ recurring EPSs in 2023-26. Landsec’s balance sheet appears resilient, despite further negative revaluations recorded in H2 22.

Initial Equity Trading Comments - 16 May 2023

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: IMB, LAND, VOD, GNS, BVIC, ALL, LIKE, & SUR.

London Offices - Initiation of Coverage - Work to do as the cycle resets

Yields shifting materially in the UK

Landsec’s actions point to assets being too expensive in many sectors in 2019-22. The company is preparing to seize opportunities later in the decade.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: LAND, IMB, CNA, VOD, WRK, N91, UOG, & ZPHR.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: LAND, ASC, VSVS, CCC & HDD.

Asset rotation on track

Landsec intends to shift a third of its portfolio from low-yielding mature assets to profitable new developments. Now, all leans on being abe to execute disposals quickly.

Stabilising Retail; flattish Offices

There are the first signs of a levelling performance in British Retail attributable to Retail Parks, even if both Central London shops and Regional malls continue to experience painful times. London Offices were more or less stable in H1 21 despite rising vacancy as far as LandSec was concerned.

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from LAND, CCH, TRN, QLT, FOX, KOD, IPF & BVC.

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from AZN, LAND, APAX, MTO, SYNT, SHI, BGO, OTMP & VLX.

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from LAND, VOD, PHNX, BNZL, FOUR, BVIC, AGR, EBOX, AQX, WJG, BGO, HDD

Regional REIT - Dividend rebase pragmatic and sustainable

Regional REIT’s (RGL’s) post-pandemic recovery in new lettings paused in H123, as occupiers adopted a cautious ‘wait and see’ approach, although rents increased and the strong ‘return to the office’ supports RGL’s expectation that leasing will accelerate. With DPS lowered to match reduced income prospects, the shares have fallen sharply, maintaining a sector-high dividend yield. Including asset sales focused on low-income properties, our forecasts show the rebased dividend to be fully covered an

NewRiver REIT+ (NRR, House Stock at 87p) - Credit rating update reinforces balance sheet quality

Henderson Far East Income - Cautious of continued volatility but value on offer

In our last review of Henderson Far East Income (HFEL) in July, Attractive yield despite modest dividend increase, we drew attention to the dividend increase from what is comfortably the highest yielding fund in the AIC Asia Pacific Equity Income sector. It was pleasing to see that in the company’s published full year results to the end of August, the dividends paid by the company were covered and that over £1m was added to the revenue reserves over this period. In this note we examine the drive

LIBERUM: PensionBee: Hitting milestones despite headwinds

NewRiver REIT+ (NRR, House Stock at 85p) - High quality earnings story – upgrade potential

Princess Private Equity Holding - Offering an attractive dividend yield

Princess Private Equity Holding (PEY) posted a year-to-date NAV total return (TR) to end-October 2023 of 4.9%, 2.4% of which was from Q323. PEY’s performance continues to be assisted by portfolio earnings, with last-twelve-month (LTM) revenue and EBITDA growth to end-September 2023 of 16% and 15%, respectively, and sustained healthy average EBITDA margin of 24%. PEY’s balance sheet remains firm with c €134m in undrawn credit facility and €3m in cash, further assisted by the Civica sale proceeds

Initial Equity Trading Comments - 1 December 2023

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

NextEnergy Solar Fund - H1/24 interim results and asset recycling update

NextEnergy Storage Fund now has 100 operational assets with a combined installed capacity of 933MW and exclusivity over, or ownership of the project rights for, most of its c£500m pipeline of domestic and international solar and energy storage assets. H1/24 performance was robust, with power generation in line with budget and the 36MW Whitecross solar farm energised. The first sale from the asset recycling programme has been completed post-period, with the proceeds being used to reduce short-ter

NFT INVESTMENTS PLC (NFT PZ) - NAV Rises to 4.3P per share

European Opportunities Trust - Termination of coverage

Edison Investment Research is terminating coverage on European Opportunities Trust (EOT). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

Impact Healthcare REIT - On track to meet dividend target

Impact Healthcare REIT’s Q323 total return was 2.6%, or 8.5% over the first nine months of the year (9M23). With rent cover continuing to strengthen, rent collection back to 100% and 98% of drawn debt fixed or hedged, the company is well on track to meet its FY23 DPS target of 6.77p (+3.5%), fully covered by adjusted ‘cash’ earnings, with a yield of 8.6%.

Hybridan Small Cap Feast - 4 Dec 2023

4th December 2023 @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 investment obje

Utilico Emerging Markets Trust - Emerging market growth opportunities at a discount

Utilico Emerging Markets Trust (UEM) is managed by Charles Jillings, together with deputy portfolio managers Jacqueline Broers and Jonathan Groocock, at specialist investor ICM. Jillings is frustrated by the trust’s wide discount, which he believes does not accurately reflect UEM’s strong past performance and future growth prospects. The fund has a consistently low beta and has outperformed the MSCI Emerging Markets Index over the past one, three, five and 10 years due to successful stock select

Early Mover in UK Lab-grown Meat

BSF Enterprise Plc (BSF) is a biotechnology company focused on acquiring, combining, and building businesses in the lab-grown tissue space. It aims to achieve this through an acquisition-led growth strategy and has already acquired the tissue engineering and cellular agriculture company, 3D Bio Tissues.