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.
|17Nov16 05:30||RNS||Director/PDMR/PCA Shareholding|
|16Nov16 06:00||RNS||Director/PDMR Shareholding|
|18Oct16 07:00||RNS||Appointment of Nominated Adviser|
|07Jul16 07:00||RNS||Dividend Announcement|
|06Jul16 04:00||RNS||Result of AGM|
|04Jul16 06:00||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
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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.
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.