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.
|23Mar17 11:00||PRN||Publication of Annual Report 2016|
|17Mar17 11:00||PRN||Holding(s) in Company|
|16Mar17 14:00||PRN||Director/PDMR Shareholding|
|10Mar17 15:50||PRN||Acquisition of Xanadu Shopping Centre, Madrid, Spain|
|10Mar17 15:15||PRN||Director/PDMR Shareholding|
|07Mar17 14:30||PRN||Director/PDMR Shareholding|
|23Feb17 07:00||RNS||Final Results|
Frequency of research reports
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.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.