PRS has provided a NAV update for H1’22 ahead of interim results: 104.3p EPRA NAV represents +5% vs FY21. This is already better than our FY22e estimate, driven by yield compression in the valuation – something that we (prudently) do not forecast. Rental growth continued during H1, alongside further delivery of completed units. Incorporating a better yield drives a +2% tick up to our NAV forecasts. We assume no further compression. We reiterate our 120p 12m Target Price (1.1x FY23e P/NAV) given ....
07 Feb 2022
The PRS REIT
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The PRS REIT
PRS REIT Plc (PRSR:LON) | 77.8 0 0.0% | Mkt Cap: 427.3m
- Published:
07 Feb 2022 -
Author:
Andrew Watson -
Pages:
3
PRS has provided a NAV update for H1’22 ahead of interim results: 104.3p EPRA NAV represents +5% vs FY21. This is already better than our FY22e estimate, driven by yield compression in the valuation – something that we (prudently) do not forecast. Rental growth continued during H1, alongside further delivery of completed units. Incorporating a better yield drives a +2% tick up to our NAV forecasts. We assume no further compression. We reiterate our 120p 12m Target Price (1.1x FY23e P/NAV) given ....