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Research Tree offers PUBLIC SERVICE PROPERTIES IN research coverage from 2 professional analysts, and we have 5 reports on our platform.
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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.
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UK Housebuilding Sector: Q3 2016 - “I am Steve McQueen”
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N+1 Singer - Morning Song 21-10-2016
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Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.