Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SUMMIT GERMANY LTD. We currently have 9 research reports from 2 professional analysts.
|10Feb17 16:00||RNS||Director/PDMR Shareholding|
|10Feb17 16:00||RNS||Director/PDMR/PCA Shareholding|
|06Jan17 12:30||RNS||Dividend Currency Conversion Rate|
|28Dec16 09:55||RNS||Dividend Declaration|
|28Dec16 09:54||RNS||New debt facility|
|20Dec16 09:16||RNS||Summit Germany Limited: Sale of Asset|
|17Nov16 17:30||RNS||Director/PDMR/PCA Shareholding|
Frequency of research reports
Research reports on
SUMMIT GERMANY LTD
SUMMIT GERMANY LTD
Trading update confirms portfolio strength
18 Dec 15
The latest trading update confirmed robust portfolio performance this year and underpinned the outlook for FY16. The group’s 103 assets, currently 87% occupied, generate €57m pa of net rent, with potentially another c €6m theoretically achievable if it were fully let. Summit signed 121 new leases (renewals and new lettings) this year, equivalent to €8.7m rent at on average €6.9/sqm/month, c 11% ahead of rates achieved in FY14.
H2 acquisitions underpin growth outlook
02 Oct 15
The recent interims confirmed the positive impact of actions taken to stabilise finances in 2014. Summit cut ongoing debt funding costs in half, maintained portfolio occupancy despite lease expiries, secured €6.3m rent from new leases/renewals and extended weighted average lease lengths to 4.1 years.
Acquisitions to boost EPS from Q4
14 Jul 15
SGL has reported two acquisitions that will potentially commit a significant proportion of the c €95m being held awaiting investment, post February’s €120m placing (at 70c/share). That cash could currently earns only a negligible return on deposit, so completion of the two transactions (detailed below) should significantly enhance EPS and dividend cover, and may accelerate growth in distributions. Including debt at 60% LTV, we estimate that the group could finance c €230m+ of portfolio growth.
2014 on target; set for acquisitive 2015
05 May 15
The FY14 results confirmed impressive progress against all performance targets set for the first year post IPO. Phase one, restructuring, is now complete. The emphasis now switches firmly to portfolio growth. During the first 12 months management has cleaned-up and stabilised the business, restructured debt, grown rent and improved net cashflow. It now has €95m of cash ready for EPS and cashflow enhancing acquisitions, and a €250m pipeline of potential purchases keeps its strategy on track. Higher competition for German real estate has put pressure on rental yields, down by c 1% vs a year ago, but debt costs have fallen even further. Lower yields benefit valuations of the existing €583m portfolio and as SGL closes the deals it’s tracking - which we assume will take 12-18 months - the outlook for NAV and dividend growth is very positive.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Middle Britain growth
21 Feb 17
The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017. If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term. Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.