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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.

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Range Today
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52 Week
362/434p
Market Cap
£1,179m
Enterprise Value
£1,351m
Pension Liability
£0m
# Shares
317.3m
Latest PE (hist)
32.26
Div Yield
2.86

Latest News/RNS

(more news)
Date Source Announcement
22Nov18 07:00 RNS Half-year Report
23Oct18 07:00 RNS Compliance with the Market Abuse Regulation
02Oct18 16:54 RNS Notification of Board Committee Changes
24Jul18 17:31 RNS Result of AGM
18Jul18 17:31 RNS Holding(s) in Company
20Jun18 13:51 RNS Annual Financial Report
31May18 07:00 RNS Final Results
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  • Frequency of research reports

     

  • Research reports on

    TR Property Investment Trust

  • Providers covering

    TR Property Investment Trust

  • 03 Dec 18

LIBERUM: AFH Financial Group* - Major acquisition increases PBT by 8%

AFH has done it again, making an acquisition which is both accretive and strategic. Established advisers want to join AFH to improve their client offering, to offer discretionary mandates, and to be part of a stronger group.

Companies: AFH Financial Group
  • 13 Dec 18

Another non-core business to sell

According to Sky News, L&G has instructed Fenchurch Advisory Partners to sell its general insurance business. This is a small business unit that has no significant impact on the insurer’s operating earnings. The revealed valuation matches our figures. However, this sale may be difficult to achieve, as the general insurance market remains tough.

Companies: Legal & General Group
  • 04 Dec 18

Cenkos: Duke Royalty Ltd - A profitable operation

Duke's H1/19A interims are the first to show the company producing a statutory net profit following initial deployments of the £42m net proceeds from August's placing. While deployment of the remaining proceeds is taking longer than previously expected, we see this as a positive sign to the rigour of the company's due diligence process. We now expect full deployment to be completed by the end of FY19E. This will produce a step change in Duke's financials per our FY20E forecasts.

Companies: Duke Royalty
  • 05 Dec 18

On track for £350m portfolio a year early

PCF Group (PCF) has delivered a small beat with adj. PBT up 50% to £5.4m (£3.6m) on a portfolio of receivables that grew 50% to £219m (£146m) on a 75% increase in new business originations to £148m. Retail deposits, which helped fund this growth, were £191m at end September 2018. With the FY2020 £350m portfolio and 12.5% RoE targets likely to be achieved a year early, PCF is investing in the infrastructure to deliver the FY2022 target of £750m. We maintain our 60p target price (0.4x forecast £350m receivables) and Buy rating.

Companies: Private & Commercial Finance Group
  • 04 Dec 18

Share & share alike

Market volatility persists with an agreement between the US & China to defer further tariff increases lifting major indices. However, the uncertainty surrounding the Brexit process continues to dominate in the UK. The impact on our universe is clear from the table below with AIM notably weaker. The reporting season runs on, though it should lighten, ahead of the festive season next week just as the progress of the Brexit deal reaches a crescendo. In Share News & Views we comment on AorTech*, Begbies, Bonhill*, FireAngel*, Golden Ocean, IG Design, Location Sciences*, Menzies, Nucleus & Synectics*.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L

  • 11 Dec 18

S&U Update Note - Prudence & Sense

The trading update (7th December 2018) confirmed that S & U's strategy is progressing according to plan. Specifically, against an uncertain economic backdrop, it has continued to impose tighter lending criteria at Advantage (motor loans) while it is proceeding cautiously with Aspen Bridging Finance (residential refurbishment). In combination, this has prompted slight reductions in our top of the range profit forecasts, but it has served, also, to reduce our expectations for net debt. Thus, we believe that S & U is improving prudently the quality of its medium-term loan book while sensibly maintaining its ability grow this further as uncertainty subsides.

Companies: S&U
  • 10 Dec 18

S&U - Trading broadly in line

S&U’s latest trading update indicates it is on track to deliver results close to expectations for the current year. Motor finance receivables growth slowed in the second half, which prompted a reduction in our estimates, primarily for FY20. We still look for a return on equity (ROE) of above 17% and believe the discipline shown in holding to pricing and credit criteria at Advantage is a positive sign for investors. Our expectations for Aspen Property Bridging are unchanged and it should provide a valuable diversifying contribution to profits.

Companies: S&U
  • 28 Nov 18

LIBERUM: Ramsdens Holdings* - Don’t bet on another summer like that

Despite the already-flagged exceptional summer dampening demand for foreign currency, Ramsdens remains on track to hit full year expectations. The base effect fractionally trims FY19, but we would see the currently forecast mid single-digit earnings growth as a base case.

Companies: Ramsdens
  • 10 Oct 18

LIBERUM: Miton Group* - Full year net flow target reached. 2019 EPS upgraded 6%

Miton has reported net flows for the 9m to end September which are ahead of our full year expectations. Net inflows grew AUM by 24% in this 9m period, while we expect 15% growth from net new money in 2019.

Companies: Miton Group
  • 06 Nov 18

North Sea Rockstar

RockRose has quickly managed to establish itself as a significant North Sea player, with an acquired portfolio of assets which were non-core to the sellers but material for a company of RockRose’s size. We initiate coverage with a BUY recommendation and a TP of 1460p, representing significant potential upside of 156% from the current share price, a gap we believe will close quickly once investors realise RockRose is trading at a sharp discount to fundamental value.

Companies: Rockrose Energy
  • 07 Dec 18

Henderson Alternative Strategies Trust - More defensive in response to macro headwinds

Henderson Alternative Strategies Trust (HAST) aims to provide a ‘one-stop shop’ for investors seeking to allocate to specialist and alternative assets. Following the retirement of co-manager Ian Barrass in June, HAST is now co-managed by James de Bunsen and Peter Webster. The trust’s focus on areas such as property and hedge funds, alongside specialist credit, private equity and emerging markets, among others, means it should be well placed to act as a source of less-correlated returns in times of mainstream equity market volatility. HAST’s NAV held up well in the market wobbles of Q118 and its move to more defensive positioning through the summer has so far stood it in good stead during the current sell-off in equity markets. Meanwhile, recent ‘buying on the dips’ in favoured holdings such as Worldwide Healthcare Trust and Polar Capital Global Financials will allow HAST to take full advantage of any recovery in sentiment.

Companies: Henderson Alternative Strategis Trst
  • 29 Jun 16

LIBERUM: AFH Financial Group - Growth & safe haven – initiation

AFH is one of a new breed of wealth management and financial advice firms operating in a highly fragmented market and one facing considerable change. The group has produced sector-leading FUM growth which we expect to continue as the market consolidates.

Companies: AFH Financial Group
  • 31 Aug 18

LIBERUM: FFI Holdings* - FY a little ahead but estimates reduced

FY EBIT a little ahead and underlying FD EPS increased 69% to 8.1c vs our estimate of 6.4c. Net cash in line with expectations. FY 2019 and 2020 FD EPS estimates reduced 22% and 19%.

Companies: FFI Holdings
  • 28 Sep 18

LIBERUM: AFH Financial Group* - Closing the advice gap one deal at a time

AFH continues to grow organically and to acquire not just very accretively, but in a way which builds a stronger brand and a better business. It seems extremely undervalued for a business whose expansion is accelerated by regulation, where returns are high and rising and revenues are 60% recurring.

Companies: AFH Financial Group
  • 10 Oct 18

Flow momentum continues into Q3

Miton’s strong flow momentum has continued through Q3, driving AuM +7% qoq to £4.9bn (up from £4.8bn at end August). We remain encouraged by flows into more nascent funds with material capacity, which are passing key milestones. A differentiated brand of active management is clearly resonating with intermediaries. The valuation remains attractive - on an 11x FY19e ex-cash PER and a 14x FY19e regular PER - in light of 29% EPS growth and 16% of the market cap in free cash.

Companies: Miton Group