Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DERWENT LONDON PLC. We currently have 3 research reports from 1 professional analysts.
|28Nov16 04:15||RNS||Block listing Interim Review|
|10Nov16 07:00||RNS||Q3 2016 Business Update|
|01Nov16 05:10||RNS||Total Voting Rights|
|31Oct16 07:00||RNS||Sale of Tower House|
|04Oct16 07:00||RNS||Further pre-let at The White Chapel Building|
|03Oct16 04:00||RNS||Total Voting Rights|
|28Sep16 09:45||RNS||Block listing Interim Review|
Frequency of research reports
Research reports on
DERWENT LONDON PLC
DERWENT LONDON PLC
Panmure Morning Note 12-11-15
12 Nov 15
The report this morning follows the upbeat tone of the earlier trading update. Lettings continue to be the theme as the group reports a record year with 0.5m sqft let at values 10% above estimates last December. The group continues its development program with 0.6m sqft due to go on site by next June on a speculative basis backed by low gearing and strong rental income. The group is focused on price so that it delivers quality space at an attractive rent and generates strong returns for investors. The figures this morning continue to support our 18% expected growth in NAV/s this year. We retain our BUY recommendation and 4233p target price.
Panmure Morning Note 13-08-15
13 Aug 15
Derwent has delivered excellent results with NAV/s up 10.9% to 3266p, ahead of the pace of growth we had anticipated for FY15E after the stellar FY14A result. The momentum continues as demonstrated by the underlying growth in the portfolio value +9.1%, compared with +9.8% last year. We believe that the trading environment is strong for Derwent and that the development and refurbishing work will continue to deliver strong returns. We retain our Target Price of 4233p and Buy recommendation.
Panmure Research - London Property Tour 02-07-15
02 Jul 15
We conducted an investor trip in London with tours of the Derwent London Fitzrovia estate and Shaftesbury's villages as well as meetings with Hammerson and LondonMetric. The tone was unapologetically upbeat which confirms our BUY stance for the sector as well as the individual stocks. We include one page updates and thoughts following these meetings in this note.
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.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
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.
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.
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
05 Dec 16
As we mentioned in our 18 November 2016 note, a continuation vote was expected to be announced before the end of 2016. The announcement last Friday included details of the continuation vote, and in particular, a recommendation by the Directors to replace the June 2015 strategy of selling non-core assets and developing the core projects, with a new strategy of an orderly sale of the Company’s assets, with a target of selling all assets by 31 December 2019 and a distribution policy for returning monies to shareholders following disposals. Alongside these recommendations, there are proposed changes to the remuneration for the investment manager.