DEMIRE AG (DMRE GR) - Annual report postponed due to prolonged bond negotiations

DEMIRE announced the postponement of the publication of the 2023 annual report due to the ongoing negotiations with the bondholders regarding the restructuring of the company’s corporate bond. The company also released FY ‘23 preliminary results.

DEMIRE (DMRE GR) - Mgmt confirms negotiations regarding bond restructuring

DEMIRE released an ad-hoc, stating that the company has entered negotiations with a group of bondholdersregarding the restructuring of its unsecured corporate bond. The company seeks a prolongation of the term at an increased interest rate.

DEMIRE (DMRE GR) - Annual portfolio revaluation in line with expectations

DEMIRE received a draft valuation from its surveyor regarding the annual revaluation of the portfolio, indicating a l-f-l devaluation of 12-14% as of FY '23. In our view, devaluations are seen to continue at DMRE despite a pick-up in transcations in recent months

DEMIRE (DMRE GR) - LogPark finally sold + letting success to start crucial 2024

After finally bein successful with the disposal of the LogPark property in Leipzig, DEMIRE also announced positive news on the letting side. All this is set to improve the company's position regarding the ongoing refinancing of the € 499m corporate bond.

DEMIRE (DMRE GR) - Another guidance adjustment following lack of disposals; chg.

DEMIRE announced already the second guidance update this year, as the company is seemingly not able to reach its disposal target. While this is not ideal, it should not have negative implications on the refinancing negotiations at this point.

DEMIRE (DMRE GR) - Solid Q3 but no refinancing solution yet; chg.

DEMIRE reported solid Q3 results and confirmed its FY guidance implying additional property sales in Q4. However, management failed to provide an update on the 2024 refinancing wall of € 670m but stated that discussions with lenders are at an advanced stage.

DEMIRE - Strategic programme delivering gains

The first nine months of FY17 showed good operational development as well as significant progress with the strategic programme (DEMIRE 2.0) that targets efficiency gains and portfolio growth. Management has raised FY17 guidance to reflect tax optimisation measures as well as operational performance. FY18 will benefit from significant interest cost savings following recent refinancing. Management targets further efficiencies and simplification of the group structure and is seeking opportunities f

First in secondary locations

DEMIRE Deutsche Mittelstand Real Estate (DMRE) is an investor in German commercial property focused on secondary locations. It has grown significantly over the last two years and has a portfolio valued at €984m with annual contracted rental income of €71.7m (31 March 2017). Further efficiency gains as acquisitions are integrated are likely to increase profitability and provide a stable platform for further growth. A diverse portfolio of income streams and potential for capital growth may make th

Redde

Proposed share-for-share merger with Northgate

Lowland Investment Company - Is the tide turning?

Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector. It offers investors broad market exposure, outside of the large, traditional ‘income stocks’ at a 13% discount to NAV. The underperformance of small- and mid-cap companies versus larger peers has slowed and a turnaround would be very positive for LWI. Portfolio returns are already benefiting from acquisition activity, spurred by low valuations, and

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

PCI Pal - +25% FY23 revenue growth, FY24 growth of +28% reiterated

PCI Pal’s FY23 results show revenue growth of +25% to £14.9m, gross profit growth of +31% to £13.1m at a margin of 88%, and an outlook confirming robust momentum in H1 24. The FY23 results are as expected following the August trading update, and FY23 Total Annual Contract Value (TACV) is +23% yoy to £16.4m, with ARR +14% yoy to £12.6m due to £3.1m of contracts in deployment. We expect ARR will increase +35% and +31% to £17.0m and £22.2m in FY24 and FY25, as management lands and expands following

Foresight Solar Fund - Optimising capital allocation

Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December). FY23 also saw FSFL’s divestment programme come to fruition with the sale of a 50% stake in its Spanish Lorca portfolio at a 21% premium to its holding value. The proceeds of this divestment, along with free cash, were used to pay down the fund’s variable rate debt via its revolving credit faci

Tetragon Financial Group - FY23 growth driven by idiosyncratic factors

Tetragon Financial Group (Tetragon) posted a 6.4% net asset value (NAV) per share total return (TR) in US dollar terms in FY23. Tetragon’s returns normally have a low correlation with broader markets, and therefore its FY23 performance was below the 26.3% return of the S&P 500 Index, which rallied on the artificial intelligence (AI) theme. Tetragon’s FY23 return on equity (RoE) of 5.5% was below its target of 10–15% pa. That said, its performance since listing was within the target range at 11.3

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Vector Capital - Full year results illustrate challenging backdrop; dividend maintained

Vector Capital is an established commercial lending group, focused on secured short-term and bridging loans in the property sector. This morning, the group has reported full year results to 31 December 2023, illustrating the challenging market backdrop. While underlying trading was robust, with good demand being seen for new loans, provisions for bad debts relating to historical loans of £728k in the year led to a decrease in PBT to £2.1m (WHI est. £2.4m, FY22 £2.8m). Looking ahead, although VCA

Strong H1'23 results; forecasts upgraded