Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ALPHA REAL TRUST LTD. We currently have 6 research reports from 2 professional analysts.
|02Dec16 11:27||RNS||Half-year Report|
|01Dec16 02:36||RNS||Announcement re IMPT EGM Circular|
|25Nov16 11:01||RNS||Admission to Trading|
|18Nov16 07:00||RNS||Half-year Report|
|15Nov16 10:39||RNS||Industrial Multi Property Trust PLC - EGM|
|25Oct16 11:07||RNS||Admission to Trading|
|26Sep16 10:47||RNS||Admission to Trading|
Frequency of research reports
Research reports on
ALPHA REAL TRUST LTD
ALPHA REAL TRUST LTD
Panmure Morning Note 12-02-16
12 Feb 16
The group's announcement of acquiring a development site for a biomass plant represents a new departure for the group but upholds the strategy of investing in high yielding long term income streams. The investment is supported by the Renewable Heat Incentive and the renewable Obligation. The timing is yet to be confirmed but the investment will not be accretive to earnings in the short term. We retain our BUY and 99p target price.
Panmure Morning Note 09-12-15
09 Dec 15
This £3.75m acquisition of a site in Monk Bridge, Leeds which has planning for 269 apartments, gives greater scale to the group's private rented sector (PRS) development pipeline. Leeds is a vibrant university city which is expected to see robust appreciation in house prices and rental values over the coming years. The consideration will be satisfied with internal cash resources. We retain our BUY recommendation and 99p target price.
Panmure Morning Note 20-11-15
20 Nov 15
The interim results demonstrate the continued progress the group is making on realising robust returns from its mix of property and financial instrument investments. The repayment of the Europip mezzanine debt is enabling the group to evolve the portfolio into a good balance of high yielding assets and those which offer good development potential. 94% of the assets now generate income. The NAV/s progression of 9.1% over the first half underlines the potential in the investments. We are raising our target price to 99p and retain our Buy recommendation
Panmure Morning Note 18-08-15
18 Aug 15
The group has produced a solid start to FY16 with a 14% increase in dividend to 0.6p underlining management confidence. The asset quality, which is high yielding, is improving and so we believe that the shares will continue to rally toward the NAV/s of 113p. We are raising our target price to 90p (from 79p), or a 20% discount to the Net Asset Value, and retain our Buy recommendation.
Panmure Morning Note 02-07-15
02 Jul 15
Alpha Real Trust has acquired an asset with potential as a private rented sector development which could provide attractive rental income once developed. The acquisition price is £2.2m and the planning would allow for the construction of 162 residential units. The demand for residential units in Birmingham is significant and forecast to grow as a consequence of HS2. We retain our Buy recommendation and 79p target price.
Mobilising the strategy
08 Dec 16
PCF has reported a good set of FY16 figures this morning. Pro forma 12 month adjusted pre-tax profit increased 38% YoY to £4.0m (FY15: £2.9m), 5% ahead of our estimate of £3.8m. Fully diluted return on equity remained broadly stable YoY at 13% but beat our forecast of 12.6%, driven by good loan book growth, up 14% YoY to £122m. Given the strength of the results the board has reinstated a dividend of 0.1p per share. Following Tuesday’s announcement of the approval of a banking licence, we believe that the group now has the capacity to accelerate its growth prospects. While the shares trade at 12.0x earnings and 2.0x reported book value, we do not believe this valuation captures the growth potential of the business.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Better Capital – A tale of two funds
05 Dec 16
Our gut feel on the results is that BCAP’s Gardner disposal feels viable (albeit as a late Q1 transaction). Post Gardner, the exit profile for BCAP’s portfolio is slanted towards the years 2018/19 and not earlier; we view the market’s current pricing as cautious (14% disc to our estimate of FV). In contrast, BC12’s more consumer facing portfolio remains a work in progress and may well offer further disappointment before turning a corner; the market valuation (51% discount to NAV) is cautious but probably fair given the difficulties.
Panmure Morning Note 07-12-2016
07 Dec 16
PCF today announces that it has succeeded in achieving once its major strategic goals by being granted a UK banking licence. In line with prior guidance, the company aims to begin taking deposits in summer 2017 and will initially focus on lending to its core markets in consumer motor finance and SME asset finance. As well as supporting growth in the loan book, the banking licence will both diversify and reduce the cost of its funding base. More details are expected as part of the FY16 results tomorrow.
Meeting near-term headwinds
06 Dec 16
In its trading update IFG reported that performance has been in line with management expectations. The cooling effect of market uncertainty on growth in James Hay and financial advice client numbers, together with the impact of low interest rates, remain a near-term head wind for revenues. Even so, with Saunderson House continuing to increase profits, IFG expects to match 2015 earnings. The long-term growth opportunity presented by an ageing population and pension freedoms remains in place and to address this IFG is continuing investment to enhance its service and increase operational gearing.