Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: RIO, LLOY, PHP, TRIG, & FUTR.

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

Primary Health Properties: Succession planning

Primary Health Properties, the FTSE 250 healthcare real estate investment company, has announced that Harry Hyman will officially step down as the company's chief executive officer (CEO) at the company's 2024 annual general meeting (AGM), which we estimate will take place between 1st April 2024 and

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: LSEG, PHP, HOME, WHR, SAVE, EXR, & SPR.

Inflation & Investment Trusts - Sep 2022

Inflation has now persisted beyond most people's 2021 expectations for a “short term blip” following the COVID crisis, and investors are increasingly under pressure to generate positive real returns in the first highly inflationary (i.e., >5%) environment since 1991. We expect a degree of asset price volatility to continue across all asset classes for quite some time. In this note we look at the factors behind the current inflationary environment, evaluate which ones are likely to persist and

Primary Health Properties - Rental growth further accelerates

As expected, Primary Health Properties (PHP) reported a strong financial and operational performance in H122 and is well into its 26th year of unbroken DPS growth. The company is ‘encouraged’ by strengthening rental growth and continues to selectively source accretive investment opportunities. With 95% of borrowings fixed rate or hedged, we expect further growth.

Strong first half 2022 results from PHP

Primary Health Properties PLC (LON:PHP) produced a strong set of interim results, supported by an improving rental growth outlook. The total adjusted net tangible assets (NTA) return for the six-month period was 6.3%, up from 5% in the corresponding period in 2021. This reflected a solid 4.3% total

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BATS, GSK, HLN, LLOY, RKT, RIO, SKG, IBST, PHP, UTG, MOTR, RESI, BREE, BOKU, EMAN, UOG & WHI.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: VOD, AZN, PHP, FCIT, VSVS, SNN, WINE, XSG, & SHI.

Primary Health Properties - Progress with organic and acquisition-led growth

Coinciding with its FY21 AGM, Primary Health Properties (PHP) has provided a trading update for the quarter ending 31 March 2022 (Q122). During the period it made good progress in converting its investment pipeline, which continues to grow, while organic rental growth accelerated, in part driven by the inflationary environment. With ample liquidity and 97% of debt fixed/hedged, it is well placed for further growth.

Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from GSK, PSN, LLOY, PHP, GLE, & BGO.

Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from HLMA, POG, PHP, MDC, INCE, & HEIQ.

Firmly on track, supported by favourable backdrop

Primary Health Properties (LON:PHP) released a solid first-quarter trading update in conjunction with its annual general meeting (AGM). It reported that rent reviews added 2.0% (2021: 1.7%) on an annualised basis to the rent roll over the quarter, supported by inflationary pressures, with a further

Uncertain outlook comes as no surprise

We take a positive view of Legal & General’s FY 22 results. Despite the tough environment, the Group managed to outperform expectations – something which was hardly a given for such a large asset manager. With L&G being widely exposed to the UK economy, it might be a call one does not want to make but the firm’s business remains one of spreads – as long as a default does not occur. We remain positive but concede that L&G embeds more risk than we had assumed.

Ambitious winds of change

M&G’s FY 22 results were strong. It was also the opportunity for new CEO Andrea Rossi to depict clearly his strategy for the upcoming months. While the impetus is clear and the objectives are ambitious, we rather believe in a structural improvement of the business (driven by the higher rates environment) than a commercial one.

Hybridan Small Cap Feast - 06 Mar 23

6 March 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 objective

LIBERUM: Alpha Group International* - Highly attractive global growth opportunity

Critical Metals Plc - Initiating Coverage - 20th March 2023

Critical Metals is a British company that has acquired a 70% interest in a producing Molulu copper mine in the Katanga region of the DRC. The focus of the company is in the natural resources sector in Africa focused on the strategic or critical metals as defined by the United States Government Survey list in Open-File Report 2018-1021 and the Critical Raw Minerals as defined by the European Commission. The main catalysts for 2023 will be the announcement of the first sales of copper ore. This i

Hybridan Small Cap Feast - 14 Mar 23

14 March 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 objectiv

Positive update - EPS upgraded by 5% p.a.

H&T (initiation of coverage): Pawnbroking royalty, with strong, profitable growth

Founded in 1897, H&T is the UK’s leading pawnbroker, with 269 stores, and it has gained a strong pawnbroking market share in recent years. While it is growing ancillary gold buying and forex products, its core is pawnbroking and related retail services. As other small-sum, short-term lenders have withdrawn, H&T’s well-capitalised, low-risk proposition has unique growth opportunities, with the pledge book up over 50% in 2022. The lessening of legitimate competition at a time of heightened demand

Oakley Capital Investments Ltd (OCI): 2022: NAV returns driven by EBITDA growth

The January trading statement announced NAV (662p per share), total NAV return (24%), NAV growth driven by EBITDA growth (65%), modest multiple expansion (35%), investments (£271m), realisations (£244m), available finance, including cash (£210m), and commitments (£929m). The detailed results announcement highlighted i) 2022 exits, on average, 70% above carrying value, ii) 22% investee company average earnings growth, iii) weighted average EV/EBITDA of 15.9x, below listed market levels, iii) a PE

Interims in line, undervalued high quality income stream

Income quality stands out here: lfl rental growth continues, occupancy is full and rental collection is strong. The asset class is demonstrating the ability to perform in challenging conditions, reflecting the structural undersupply of high quality PRS homes in the UK. Pre-announced, EPRA NAV was largely unchanged at 117p in H1 with no yield compression and all rental earnings distributed. We make no changes to forecasts at this stage. We see an attractive total return with the shares trading at

NAHL Group - Finals

NAHL generated growth in both its Personal Injury (PI) and Critical Care divisions, the former despite a continuation of subdued market conditions – hence market share gains. Results were in line with our forecasts but with a significant reduction in net debt which is especially welcome in the current high interest rate environment. Group strategy remains intact and in PI that means building the embedded value of future cash flows in NAL while flexing enquiry placements to maximise cash generati

HgCapital Trust - Improving its commitment coverage ratio

HgCapital Trust (HGT) posted a 5.4% NAV total return (TR) in FY22, mostly assisted by continued good earnings momentum (revenue and EBITDA across the top 20 holdings increased in 2022 by 30% and 25%, respectively) and the average 28% uplift to end-2021 carrying value achieved on exits. This was only partly offset by lower multiples and higher net debt across HGT’s portfolio (with net debt to last 12-month EBITDA for the top 20 holdings at 8.0x at end-2022). HGT’s recent balance sheet measures st

Net interest margin warning

The quarterly underlying operating performance proved better than expected. However, the group’s updated guidance is, at best, in line with consensus forecasts as management expects net interest margin pressure as soon as this year.

LXi REIT - Stronger, leaner and fitter

LXi REIT’s (LXi’s) well-executed merger with Secure Income REIT (SIR) brought together two complementary businesses, adding scale at low cost and retaining LXi’s successful diversified, inflation-protected, long-income strategy. We expect this approach to deliver visible income and DPS growth, including merger cost savings, and mitigate market-wide pressure on capital values. Meanwhile, good progress is being made with the near-term priorities of debt refinancing, capital recycling, and lease re

India Capital Growth – Don’t Stop Believin’

India Capital Growth’s (IGC’s) adviser, Gaurav Narain, says that at a time when many economies and equity markets are struggling, there are many reasons to be optimistic about the outlook for the Indian economy. Although down in sterling absolute terms during the last 12 months, the Indian market made progress in local currency terms and has performed well relative to its emerging market peers, benefitting from a good run in the second half of 2022 from which IGC also benefitted. Despite the rec