Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PUBLIC SERVICE PROPERTIES IN. We currently have 5 research reports from 2 professional analysts.
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PUBLIC SERVICE PROPERTIES IN
PUBLIC SERVICE PROPERTIES IN
Updated target price following interims
17 Aug 16
The interim results are largely irrelevant following the disposal of the remaining German properties in the first half of 2016. In early July 2016, PSPI used c.£11.5m of its available cash balances to effect a redemption through a mandatory purchase for cancellation of c.22.5m of the shares in issue at 51.0p per share. There are now 227,655 shares in issue. The remaining net assets of c.£1.2m are likely to be returned as and when some warranties on contingent and actual liabilities relating to the disposals expire during 2016 and following the anticipated various professional advisory fees. We now conservatively estimate that there is potential for another 475p per share distribution from the implied maximum of c.531.5p per share. We, therefore, make this our new target price (vs our previous 400p per share) and maintain our Neutral recommendation.
Updated target price following share redemption
08 Jul 16
PSPI has used c.£11.5m of its available cash balances to effect a redemption through a mandatory purchase for cancellation of c.22.5m of the shares in issue at 51.0p per share. There are now 227,655 shares in issue. The remaining funds of up to a net £1.2m (after deducting net current liabilities of £0.3m) are likely to be returned as and when some warranties on contingent and actual liabilities relating to the disposals expire during 2016 and following the anticipated various professional advisory fees. We conservatively estimate that there is potential for another 400p per share distribution from the implied maximum 527p per share. Notwithstanding that PSPI is now a sub. £1m market cap company we introduce a new target price of 400p (vs our previous 52p per share which was before the redemption of the c.22.5m shares) and maintain our Neutral recommendation.
End 2015 NAV per share 54.4p
24 Mar 16
PSPI has announced largely irrelevant 2015 results now that it has almost completed the disposal programme of its investment properties. These properties have been included in the end 2015 NAV at their sale value. The total net sale proceeds of €8.2m will be added to the £6.1m of cash balances and be used for working capital purposes, pending a proposed return of capital to shareholders in due course. With the share price having moved close to our 52p TP we now move to a Neutral recommendation from Add.
Disposal process complete
10 Mar 16
PSPI has exchanged conditional contracts to dispose of its three remaining properties to the Marseille Kliniken Group (MK) for an aggregate gross price of €10m. The sales were concluded at a small discount to the NAV at June 2015 (PSPI’s interim results). These disposals complete PSPI’s asset sale process and the net €5.3m (after repayment of debt, penalties and costs) will be added to the return of capital in due course. We forecast this to be at least 52p, our reinstated target price, and reinstate an Add recommendation.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.