Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LONDONMETRIC PROPERTY PLC. We currently have 9 research reports from 1 professional analysts.
|01Dec16 11:01||RNS||Director/PDMR Shareholding|
|01Dec16 11:00||RNS||Director/PDMR Shareholding|
|30Nov16 07:00||RNS||Half-year Report|
|23Nov16 07:00||RNS||LONDONMETRIC ACQUIRES £40M OF 'LAST MILE' ASSETS|
|22Nov16 07:00||RNS||£18 MILLION ACQUISITION OF TWO WAREHOUSES|
Frequency of research reports
Research reports on
LONDONMETRIC PROPERTY PLC
LONDONMETRIC PROPERTY PLC
Panmure Morning Note 03-02-16
03 Feb 16
The second interim dividend will be paid in early April ahead of the tax changes which take effect from 6 April 2016. Importantly, the statement underlines the positive operational performance over the year and confirms that the dividends totalling 7.25p for the year are covered – even though the financial year is not yet complete. We have upgraded our earnings figures for FY16A to reflect the strong performance but have moderated our NAV figures a little. The stock offers a good yield of 4% backed by a robust portfolio of assets with 13 year WAULT and 49% with contracted rental uplifts. We retain our BUY noting the resilience of the share price in the recent market turmoil which is justified given the strength of the assets and the management team.
Panmure Morning Note 13-01-16
13 Jan 16
LondonMetric has completed the disposals flagged at the interim results with the sale of three retail park assets on a blended yield of 5.8% for £29.5m. The prices achieved are ahead of our estimates, which had been based on an average yield of c6.1%. The retail experience over Christmas has highlighted the importance of a strong online proposition for retailers, which will add to the demand for good distribution assets and benefit LondonMetric. We retain our BUY recommendation and 199p target price.
Panmure Morning Note 02-12-15
02 Dec 15
This small disposal is one of five disposals flagged at the time of the interim results last week. The transaction crystallises an IRR of 17% and 33% profit on cost for the £13.6m exit price. The sale is consistent with the group's strategy to recycle capital from mature assets into convenience retail and retail led distribution. We retain our BUY recommendation.
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.