Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on INTU PROPERTIES PLC. We currently have 7 research reports from 2 professional analysts.
|25Oct16 12:28||RNS||Convertible Bond Offering|
|25Oct16 07:00||RNS||Convertible Bond Offering|
|25Oct16 07:00||RNS||3rd Quarter Results|
|25Oct16 07:00||RNS||Disposal of Intu Bromley|
|17Oct16 09:47||RNS||OFFER OF SCRIP DIVIDEND ALTERNATIVE: AMENDMENT|
|13Oct16 10:30||RNS||Holding(s) in Company|
|13Oct16 10:30||RNS||Director/PDMR Shareholding|
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Research reports on
INTU PROPERTIES PLC
INTU PROPERTIES PLC
Positive stance on stock maintained
04 May 16
The group’s yoy footfall has increased by 1.4% and occupancy now stands at 95.3% from 94.3%. Momentum continues to be strong in Spain with footfall up 2% and retailers’ sales up 4% yoy. 43 new leases have been signed in the quarter at 10% above the previous passing rent or a contribution of £7m to rental income. Finally, cash stands at £750m with the leverage ratio at 41% from 45% at FY15. For the year, management maintains the target of an lfl income growth in the range of 2% to 3%.
Panmure Morning Note 13-01-16
13 Jan 16
The anticipated sale of the Equity One stake has been announced now that it is tax efficient. The proceeds will, we believe, be deployed to fund the development pipeline. We had priced the stake at spot in our model and so will not be changing our estimates as a result of this sale. We retain our Hold stance ahead of the FY15 results in February.
Panmure Morning Note 06-11-15
06 Nov 15
The IMS is reassuring that the group will be on track to meet our full year forecasts. While the economic backdrop is now positive and structural challenges are now understood, UK retail continues to polarise between good and weak assets. We believe that the Intu portfolio is mixed with some excellent assets such as intu Trafford supporting weaker destinations. We maintain our HOLD recommendation and 320p Target Price.
Panmure Morning Note 02-09-15
02 Sep 15
Intu is the weakest retail landlord among the peer group in our view since the group has struggled to recover from a combination of headwinds from the weak retail environment, high debt servicing costs and lease expiries. The performance is improving and the debt position has been sensibly restructured. The group we believe remains vulnerable to shocks. However, the current economic climate is improving which should allow operations to stabilise. We have applied a 15% discount to our forecast NAV/s and dividend which is a level currently reflected in the share price leading us to change our recommendation to HOLD (from SELL).
Panmure Research - Property 01-09-15
01 Sep 15
UK retail property has suffered twin headwinds of weak consumer sentiment and the structural impact from online distribution. There is now sufficient data on consumer behaviour for retailers to be confident about their omni-channel strategies and implement them. We believe that this will have a profound effect on retail property valuations with the polarity between vibrant and weak locations being rapidly exacerbated. Landlords with strong retailer relationships, a contemporary offer and, crucially, the financial resources to keep the centres state of the art should excel and we foresee robust growth in those property values. Our analysis makes Hammerson the winner and Intu is the loser.
H1 15: Increasing scale in Spain
31 Jul 15
Intu published its H1 results with NRI standing at £207.6m, down 1% lfl, underlying EPS up 6% to 6.3p yoy, supported by low yields and positive impacts from acquisitions. The interim dividend stands at 4.6p. Occupier conditions remained strong in the half year, with same store sales up 3.4%, footfall up 1% with an occupancy rate at 95% in line with FY14. On the valuation, the NAV gained 1.6% to 385p and the group’s total portfolio now stands at £9.5bn at GS from £8.96bn yoy, (o/w £162.2m of revaluation surplus). The financial situation remains sound despite an increase in net debt, +8% to £4.3bn, mainly linked with the funding of Puerto Venecia, and the LTV is slightly up 80bp to 45% (still comfortably below covenants). Cost of debt now stands at 4.5% (from 4.7% at FY14) with debt maturity at 8.1 years from 8.4 years at FY14.
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.