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.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.