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Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on TR Property Investment Trust. We currently have 1 research reports from 1 professional analysts.

Open
406p
Volume
0.1m
Range Today
406/410p
52 Week
338/416p
Market Cap
£1,292m
Enterprise Value
£1,162m
Pension Liability
£0m
# Shares
317.4m
Latest PE (hist)
32.16
Div Yield
2.86

Latest News/RNS

(more news)
Date Source Announcement
01May18 11:35 RNS Compliance with Market Abuse Regulation
28Mar18 10:12 RNS Holding(s) in Company
23Jan18 15:01 RNS Directorate Change
23Nov17 07:00 RNS Half-year Report
24Oct17 12:10 RNS Compliance with the Market Abuse Regulation
25Jul17 17:23 RNS Result of AGM
22Jun17 16:58 RNS Annual Financial Report
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  • Frequency of research reports

     

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    TR Property Investment Trust

  • Providers covering

    TR Property Investment Trust

  • 17 May 18

Many models, more IPOs, probably

Last Friday we hosted our second Listed Law conference, London’s only investor event focussed on the business of law in a listed context. We are fascinated that a sector involving many hundreds of billions of dollars of activity each year in high added-value services only offers public market investors fewer than a dozen equity market investment opportunities globally, with an aggregate market cap of only £4.3bn (of which Burford Capital is £3.3bn). With high costs driving change in the way legal services are bought and sold, our speakers offered fascinating insights on emerging business models. These require capital and talent to function fully and our conference theme paid particular attention to how that talent is attracted, deployed and retained. We conclude that more public investment opportunities are likely. A video of each presentation is embedded on each company profile herein and the slide packs themselves are available on e-mail by request.

Companies: BUR GOR GTLY

  • 17 May 18

Strong H1 and franchise remains robust

Numis has made good progress in the first half of 2018 with particularly strong revenues in corporate broking and advisory and a resilient result from the equities activity. Investment in people and platforms to support future growth and our expectation of lower portfolio gains restrains our earnings estimates for the moment but healthy deal pipelines, continued growth in the corporate client base and the strong balance sheet are positive indicators for the future, subject to market fluctuations.

Companies: Numis Corporation
  • 02 May 18

The Monthly

Prior to the financial crisis of 2008/09, it was widely believed in the stock market that certain sectors – most notably utilities, pharmaceuticals, food retailing and tobacco – were far less vulnerable to market downturns.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF OXB NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL

  • 14 May 18

LIBERUM: Workspace Group* - Disrupting traditional offices

Three potential bidders for IWG highlight the depth of capital seeking to gain exposure to the flexible work space market, with positive read-across to Workspace. While leasehold providers to this market are rapidly building share, we continue to prefer the added control and flexibility of Workspace’s freehold approach.

Companies: Workspace Group
  • 18 May 18

S&U Update: Reassuring AGM Statement

Today's AGM statement from S & U supports our view that the Group has built a solid basis from which to deliver further growth in returns, earnings and dividends in the short to medium term. We are encouraged by the rate of growth in monthly applications, customers and collections. All point positively to the Group's position in the market and the nature of its non-prime car finance loan book. The impairment to revenue charge has increased but we believe that this is due to transitional mix changes which are being addressed by a more selective approach to recent underwriting. As a result, we see no reason to change our forecasts on the back of this statement. However, we raise our theoretical value to reflect the recent share price performances and valuations of the non-standard lending peer group. On a range of comparative ratios, we derive a theoretical value of 3396p; 6% higher than previously and 22% above the current share price.

Companies: S&U
  • 09 Apr 18

UK Housebuilding Sector

This ominous-sounding term originated from the work of famed Swedish meteorologist, Tor Bergeron (1897-1977), but it only entered popular vernacular this year – and there have been ample opportunities in 2018 to use it.

Companies: ABBY BDEV BWY BKG BVS CRN CSP CRST GLE INL MCS PSN RDW SPR TW/ TEF WJG

  • 09 May 18

To raise or not to raise that is the question?

The MPC faces this dilemma on Thursday. Just a few weeks ago, the decision appeared straightforward. Since, the outcome has become less obvious. A slew of weak economic indicators, not least a slowing of UK Q1 GDP growth to 0.1% point to this conclusion. Markets have rallied, due in part to renewed sterling weakness. We have also seen further M&A activity, especially in the FTSE 100 which may extend to smaller companies, in due course. The results marathon is slowing. In Share News & Views, we comment on Advanced Oncotherapy* Bloomsbury, Cronin*, OnTheMarket* and Synectics*.

Companies: APC BMS CRON CRPR ECSC ESC EUSP FDM GETB PCF SNX SPRP TCN W7L

  • 14 May 18

Funded for growth

With a successfully completed £115m (gross) equity raise behind it, PHP is well funded for continuing growth in its investment portfolio, targeting returns that are supportive the progressive dividend policy, now in its 22nd year. The prospects for cash deployment look positive, with a c £151m pipeline of investment prospects, of which more than a third are at a highly advanced stage of negotiation. Reduced gearing leaves Primary Health Properties (PHP) well placed to seize additional opportunities that may arise, with the NHS commissioning of primary healthcare investment finally showing signs of acceleration, and the Republic of Ireland (RoI) operation becoming established, with a fourth asset recently added.

Companies: Primary Health Properties
  • 15 May 18

International drives revenue growth

Jackpotjoy plc’s (JPJ’s) Q1 revenues rose 13% to £80.7m, driven primarily by diversification and growth in international markets, with its Vera&John division (26% of revenues) increasing 35%. The earn-out period for the Spanish division has now ended and, given its strong performance, the total contingent consideration increased 20% in the quarter to £72.1m, with £63.8m payable this year. Our headline revenue and profit forecasts remain broadly unchanged and we continue to expect significant deleverage after the final major earn-out payment in June 2018. The stock trades at 7.8x EV/EBITDA and 6.5x P/E for FY19, a meaningful discount to peers.

Companies: Jackpotjoy
  • 20 Mar 18

LIBERUM: Burford Capital* - Upgrading forecasts significantly

The CY17 results were a 34% beat at the EPS line. Given the positive post balance sheet date news regarding the Teinver sale and the $180m bond issue, we have materially increased our forecasts.

Companies: Burford Capital
  • 01 May 18

LIBERUM: Plus500* - Incredible quarter

Q1’18 was outstanding. Revenue of $297.3m was +284% YoY and EBITDA of $237.3m was +418% YoY. New customers of 72,960 were +228% and Active customers +204% to 218,187.

Companies: Plus500
  • 07 May 18

Net interest margin improvement ahead of expectations

First quarter trends enjoyed stronger-than-expected net interest margin expansion, albeit offset by lower non-interest income (notably from insurance). During this period, the group generated 50bp of excess equity.

Companies: Lloyds Banking Group
  • 16 May 18

LIBERUM: Brewin Dolphin Holdings* - Strong HY results despite market woes

HY18 results were good. Net new inflows into Discretionary grew at an annualised rate of 7.7%, taking Total Discretionary FUM to £34.3bn.

Companies: Brewin Dolphin
  • 18 May 18

Another strong quarter (again and again)...

Natixis released its numbers for Q1 18. Total revenues at €2.41bn were 2% higher than expected beating expectations in all operating divisions. Total expenses were just 0.5% higher than expected. Hence, profit before loan losses at €618m was 7% above expectations. Natixis has once again been beating the market this quarter (especially at a time when its French peers have been struggling to present investors with decent numbers). We maintain our Buy recommendation on the stock as we believe its special position within BPCE should provide more value (in asset gathering, insurance and the fast-growing market of payments).

Companies: Natixis
  • 21 Feb 18

Some signs of stability return

Since our last missive, we have continued to experience volatility but there have been some signs recently of increasing stabilisation, although some nervousness clearly still persists. We have a Spring Statement from the Chancellor of Exchequer on 13 March where he will respond to the forecasts from the Office for Budget Responsibility. We have the prospect of a rise in interest rates in the short run, with further increases likely over the medium term with negative implications for ‘defensives’. In Share News & Views, we comment on Hargreaves Services, RWS Holdings, Staffline and Synectics*.

Companies: APC BMS CRPR ECSC EUSP FDM GETB PCF SNX SPRP TCN W7L