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.
|10Mar17 07:00||RNS||Amendment to Portfolio Management Agreement|
|24Feb17 13:54||RNS||Reaffirmation of Aa3 Issuer Rating|
|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|
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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.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)