Lar España Real Estate - Defying the retail gloom

Lar España Real Estate continues to defy the doom and gloom surrounding the retail sector, posting strong financial and operational numbers. The value of its Spanish shopping centre and retail park portfolio has been stable despite higher interest rates – thanks in large part to extraordinary rental growth within its portfolio (gross rental income was up 16.4% over the first half of 2023). Retail sales within its portfolio totalled more than half a billion euros in the first six months of the y

Lar España Real Estate - Defying the retail gloom

Lar España Real Estate’s manager says that the company’s strong financial and operational numbers show that it continues to defy the doom and gloom surrounding the retail sector. The value of its Spanish shopping centre and retail park portfolio has been stable despite higher interest rates – thanks in large part to rental growth within its portfolio (gross rental income was up 16.4% over the first half of 2023). Retail sales within its portfolio totalled more than half a billion euros in the f

Lar España Real Estate – Dominant assets make a resilient business

Lar España Real Estate has passed the most severe stress test in recent history in the form of the pandemic, and has come out the other side in good shape. 2022 results show that the value of its Spanish shopping centre and retail park portfolio has rebounded (undeterred by rising interest rates in the second half of the year). Sales at its assets broke through the €1bn mark for the first time and are well ahead of pre-pandemic levels. The good operational performance can be put down to the qua

Lar España Real Estate – Dominant assets make a resilient business

Lar España Real Estate has passed probably the most severe stress test in recent history in the form of the pandemic. 2022 results show that the value of its Spanish shopping centre and retail park portfolio has rebounded (seemingly undeterred by rising interest rates in the second half of the year). Sales at its assets broke through the €1bn mark for the first time and are well ahead of pre-pandemic levels. The good operational performance can be put down to the quality of the portfolio and do

Ducks in a row

Lar España Real Estate has lined up its ducks ready for a growth push, having trod water successfully through the COVID-19 pandemic. The group has made significant headway in improving the ESG-credentials of its more than €1.4bn shopping centre and retail park portfolio, so much so that it was able to refinance its debt through the issue of two ‘green’ bonds worth €700m, substantially lowering its cost of debt while increasing its maturity. It has also sold a non-core portfolio at a premium and

Ducks in a row

Lar España Real Estate has lined up its ducks ready for a growth push, having trod water successfully through the COVID-19 pandemic. The group has made significant headway in improving the environmental, social and governance (ESG) credentials of its more than €1.4bn shopping centre and retail park portfolio, so much so that it was able to refinance its borrowings through the issue of two ‘green’ bonds worth €700m, substantially lowering its cost of debt while increasing its maturity. It has als

ANNOUNCES RECEIPT OF INVESTMENT CANADA APPROVAL

Impact: Positive. Regulatory approval under the Investment Canada Act removes a significant hurdle for the deal and should serve to bridge part of the gap between the current market price and the cash bid price of $0.52 per share implied under the deal.

ANNOUNCES FIRST QUARTER RESULTS

Impact - we view the quarter as a non-event in light of the pending sale of the Company to Calgary Sinoenergy Investment Corp.

Intermediates, Mid Caps & Small Caps

With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe

ANNOUNCES UPDATED TIMING OF ARRANGEMENT

Impact: Neutral. Sinoenergy has extended the outside date to accommodate the extension to the Investment Canada Act review period by Industry Canada.

Domestic E&P Statistical Package and FD&A Review

With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.

Reports Year-End Results, Arrangement Set to Close by End of April

We view Long Run’s year-end results largely as a non-event in the context of the previously announced sale of the Company to Calgary Sinoenergy Investment Corp. Fourth quarter results saw production that was largely in line with our thinking, while cash flow was ahead primarily on lower royalties and production costs. Year-end reserves were down in all categories, reflecting lower commodity prices and a muted capital program in 2015. In light of the pending sale of the Company, Management has no

ANNOUNCES YEAR-END RESULTS

Impact - we view the Company's year-end results largely as a non-event in the context of the previously announced sale of the Company

Intermediate/Mid/Small Cap Commodity Price Update Impact

With this publication we highlight forecast revisions associated with our crude oil commodity price update. Concurrent within a dynamic time for E&Ps, some of which have already begun the process of 2016 capital budget downdrafts, revised estimates attempt to directionally capture a shift towards capital conservation, though severely weakened futures curves have influenced our thinking for the better part of 6 months anyway. We expect further capital investment reductions forthcoming from E&Ps i

LONG RUN EXPLORATION LTD. (LRE) ANNOUNCES AMENDMENTS TO CREDIT FACILITIES AND RELATED ARRANGEMENT AGREEMENT AMENDMENTS

Impact - neutral. Long Run announced it has entered into an amending agreement with its bank syndicate that will see the borrowing base reduced to $620 mm from $650 mm previously, comprised of a $240 mm revolving facility, a $30 mm operating facility, and a $350 mm non-revolving facility. The Company is currently drawn ~$580 mm on the facilities. The financial covenants have been removed on the facilities and the interest and fees have been reduced with the facilities terminating six months foll

Facilities by ADF - Ramp up gaining pace

ADF has released its interim results that are in line with the August trading update and the Group remains on track to hit full-year forecasts. The H1/24A Adj EBITDA was £2.5m, which was a 57% decline YoY and a 67% increase versus the prior half, demonstrating that the period remained impacted by last year’s strikes but that the ramp up in production is evident. The Group saw a continued recovery over the summer months and expects a strong second half of the year. Its valuation remains compellin

Morning Note – 16 September 2024

Morning Note – 19 September 2024

Solid H1 performance, reiterating previous guidance

The HY update trailed the revenue number, with today’s results reporting a modest EBITDA profit marginally ahead of our expectations in absolute terms (£0.7m EBITDA vs SCM FY24e £0.3m). Trading momentum in Q2 has been sustained into Q3, with revenue to end August now flat yoy (vs -4% H1). There has been positive strategic progress against plan already. We tick up our EBITDA forecast to FY24e EBITDA £0.7m. The current market cap is underpinned by the core FXRM business with multiples of the curre

LSL Property Services (LSL LN) - Rising share of recovering market

LSL results for the six months to June 2024 show strong growth and are in line with upgraded expectations as announced in April. The Board’s expectations for the full year remain unchanged.

Zeus Industrials Round-Up - 13 September 2024

The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.

Portfolio expansion: Solar Foods goes public

PROGRESSIVE: Springfield Properties- Debt reduction strategy pays dividends

Springfield Properties has returned to paying dividends earlier than we expected as a result of its focus on debt reduction over the past year and in its confidence, as signs grow of a recovering sales market in Scotland. FY24 results, to 31 May, were slightly ahead of our estimates. The Group confirms it expects to meet expectations for FY25E, while we have introduced estimates for the following two years, which assume continued growth.

Rockwood Strategic

RKW’s high conviction approach has led to sector-leading returns…

PANMURE LIBERUM: B.P. Marsh & Partners: More of the same - Excellent performance

PANMURE LIBERUM: DF Capital: H1 in line, discount to peers should slowly unwind

Triple Point Social Housing REIT - Improving rent collection and fully covered DPS

Triple Point Social Housing REIT (SOHO) returned to full dividend cover in H124, with EPRA earnings benefiting from inflation-linked, mostly uncapped rental growth and improving rent collection. Property valuations and NAV per share were lower, but progress with the two problem tenants and falling interest rates suggest this could reverse. Meanwhile, the shares yield more than 8% with the board targeting asset sales and share repurchases to address the discount to NAV.

PANMURE LIBERUM: Specialist Lenders: Lend Me Your Ears

BlackRock Energy and Resources Income | A Trust for the 2020s and Beyond

BlackRock Energy and Resources Income Trust (BERI) has so far enjoyed a more positive start to the year after a difficult 2023. With heightened geopolitical risk underpinning oil prices, robust demand for materials amid continued supply constraints, and more attractive valuations in the energy transition space, fundamentals in all three of the trust's areas of focus look encouraging on a medium-term basis.

Return to dividends a sign of confidence in outlook

Springfield performed resiliently against a challenging backdrop, with a FY24 PBT outturn of £10.6m (FY23: £16.0m), in line with our recently upgraded forecast. Net bank debt has been reduced ahead of the £55m target to £39.9m at year end (FY23: £61.8m). The resumption of the dividend, earlier than we had expected, sends a strong signal of management's confidence in the business and opportunities. At this early stage of the year, we leave our FY25 forecasts largely unchanged, though Springfield