Equity Research, Broker Reports, and media content on TR Property Investment Trust

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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 2 research reports from 2 professional analysts.

Open
420p
Range Today
418/424p
52 Week
354/434p
Daily Volume
52.4k
# Shares
317.4m
Daily Liquidity
(0.02%)
Pension Liability
£0m
Enterprise Value
£1,351m
Market Cap
£1,341m
Latest PE (hist)
32.26
Div Yield
2.86

Latest News/RNS

(more news)
Date Source Announcement
23Jul19 17:09 RNS Result of AGM
05Jul19 16:29 RNS Directorate Change
21Jun19 12:13 RNS Annual Financial Report
30May19 07:00 RNS Final Results
29Apr19 10:52 RNS Compliance with Market Abuse Regulation
13Mar19 17:26 RNS Holding(s) in Company
15Feb19 12:04 RNS Director Resignation
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  • Frequency of research reports

     

  • Research reports on

    TR Property Investment Trust

  • Providers covering

    TR Property Investment Trust

  • 22 Jul 19

Another step change in value

Ahead of RockRose’s readmission to trading at 8am on Wednesday 24th July, we update our model for RockRose’s most recent acquisition resulting in a significant value uplift to our RENAV, which increases from 1820p to 3679p. We reiterate our BUY recommendation and expect the shares to come back significantly higher than the 815p pre suspension price.

Companies: Rockrose Energy
  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PGM PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 18 Jul 19

UK Renewable Energy Infrastructure Funds – For all the fans

Over the past two decades, onshore wind power has prospered and now exceeds 12 GW in the UK. The termination of subsidies for new plants from 2017 onwards has cut investment. Instead, offshore wind power is the new ‘goto’ investment sector, as there has been a sea-change in costs. The key event was the 2017 auction for the development of the Hornsea Project Two and the Moray East fields, when 15-year contract for differences (CfDs) were awarded, at just £57.50p per MWh; this compares with the 2018 £100 per MWh target that had been set previously by the Government. In recent years, solar power has come of age. Total UK solar capacity now exceeds 12 GW. Inevitably, most solar farms are based in the Midlands or in the South, where irradiation levels exceed the UK average. A typical solar farm portfolio might include 50 sites with 8 MW of capacity per site. Despite the removal of subsidies for new solar plants, the prospects remain bright for new build, since costs have fallen appreciably in recent years. The levelised cost (LCOE) of solar power should fall below £70 per MWh. The UK’s first subsidy-free solar farm has been commissioned at Clay Hill in Milton Keynes. For many investors, REIFs offer an attractive means of securing exposure to the benefits of rising UK investment in these sectors, much of which is backed by long-term contracts delivering generally solid and secure returns. Our sector research focuses on 11 quoted REIFs, which mirror those selected by members of the Association of Investment Companies (AIC). The recently floated Aquila European Renewables fund is included, despite its declared policy not to invest in UK generation. Since May 2014, REIF returns have been solid, with total returns approaching 10% per year. As a group, their combined market capitalisation is ca.£7bn; the most valuable quoted funds are Greencoat UK Wind (£2.1bn) and The Renewables Infrastructure Group (£1.8bn). The sector premia over net asset valuations (NAVs) for most REIFs now lie in the 9%-19% range. The premium for Greencoat UK Wind, following its £375m gross fundraise, is ca.14%; The Renewables Infrastructure Group premium is similar. Targeted real dividend increases underpin the attractions, in particular, of wind and solar investments; major earnings shortfalls are low-risk, with little likelihood of a dividend cut. Prospective dividend yields for most REIFs currently lie in the range of 5.0%-6.0%. In terms of risk, future movements of interest rates could have a material impact on NAVs and, consequently, upon share price ratings. The precise effect will depend on the degree to which the discount rates moves relative to the riskfree rate. Regulatory amendments, subsidy changes and possible tax adjustments are also key risk factors with one company commenting that movements in long term power price forecasts are the most significant risk.

Companies: TRIG UKW NESF FSFL AERI GSF GRP SEIT USFP

  • 09 Jul 19

Petersen appeals to investors

Burford has made a double announcement about the Petersen case. Argentina had appealed to the US Supreme Court over the decision about where the case will be heard. The Court has declined to hear the appeal, so proceedings will take place in the US. Burford has also sold another 10% of its entitlement in the case for $100m; implying a market price of $1bn, ca.25% above the value implied by the smaller July 2018 transaction. Additional disclosure is that the sale took place to 11 institutional investors, with 40 having participated in the market now. This adds credibility to the valuation generated by the transactions to date.

Companies: Burford Capital
  • 12 Jul 19

LIBERUM: Burford Capital* - ROIC lessons

Burford is off 22% relative since the recent peak. Much has been written about returns, in some cases valuing the business excluding the big wins, but including all losses, which makes no sense, or putting the core business on 10x and its opex on 15x (same), or entirely ignoring the extra returns from the sovereign wealth fund deal (same).

Companies: Burford Capital
  • 24 Jul 19

LIBERUM: Oakley Capital Investments* - Trading update confirms strong performance

Oakley's 13% NAV total return in H1 2019 was principally due to a partial sale of Fund II's Inspired holding at an 81% premium to carrying value and a 60% increase in Time Out's share price. The manager continues to source attractive investments away from traditional auction processes across its three core sectors.

Companies: Oakley Capital Investments
  • 17 Jul 19

Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Companies: AOR MIRA CYAN ITX HOTC BRK RBD WINK MXCT AAOG

  • 18 Jul 19

Finishing ahead in a volatile year for markets

City of London has announced its pre-close trading update for FY2019. After a volatile fourth quarter, FUM finished ahead of the end-March figure, at $5.39bn. This was an increase of $282m (5.5%) over a year ago, of which $96m was net inflows, with the balance from market movements. As indicated in the quarterly statements, both the Developed Markets and Opportunistic Value strategies saw net inflows over the year. Emerging Markets and Frontier Markets experienced net outflows. Performance in the Emerging Markets strategy was good, with outperformance of ca.300bps over the year.

Companies: City Of London Investment Group
  • 24 Jul 19

Manolete Partners - Momentum Ahead, Upgrade to Buy

The pace and scale of new investment in cases at the close of the year and Q1’20, though, was ahead of our previous expectation. The heightened level of investment will lead to higher future cash collections and demonstrates the scalability of the model, in our view.

Companies: Manolete Partners
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 10 Jul 19

LIBERUM: Alpha FX* - H1'19 trading ahead / FY19e EPS estimate +9%

Alpha FX has grown H1'19 revenues by 60% year-on-year despite the subdued macro backdrop for UK plc. This highlights their market share gains in the core UK and increasingly European corporate FX markets and the initial contributions from the Institutional business, Alpha Pay and the first overseas office initiative.

Companies: Alpha Fx Group
  • 17 Jul 19

LIBERUM: Town Centre Securities* - Resilient trading and good development progress

Town Centre Securities' trading update has confirmed good progress across the business. LFL passing rent +2.6% and high sustained occupancy of 96% was aided by asset management initiatives and the ongoing repositioning of assets towards better uses. TCS also made progress on delivering its significant pipeline with the completion of a residential development in Manchester, which has experienced strong initial demand.

Companies: Town Centre Securities
  • 19 Jul 19

LIBERUM: XPS Pensions Group* - Investment case remains intact

Although the recent resetting of FY20 estimates was disappointing, we believe that the core investment case remains intact. As the leading independent provider of pension advisory and administration services, XPS is uniquely position within an industry with a growing end market and high barriers to entry.

Companies: XPS Pensions
  • 19 Jul 19

Cenkos: Record Plc - A positive, if unspectacular, update

Record's Q1 update reports a 1.7% increase in the $ value of AUME (4.0% in £ terms) to $58.3bn, with a net client inflow of +$0.3bn and exchange rate movements of +$0.7bn. The uncertain economic backdrop and associated volatility in FX is creating a welcome backdrop for Record, with 3 new mandates added in Q1. Given flattish AUME and fee rates, we leave FY20E forecasts unchanged, which produce a yield of 7% before specials.

Companies: Record
  • 10 Jul 19

Cenkos: Equals Group Plc - Signs are there for an excellent year

Equals Group (formerly FairFX) has released a H1/19E trading update highlighting recent operational achievements and strong, broad-based turnover growth. We see this as clear evidence that prior investments in customer experience and extending the product range have produced returns, which are set to continue. We expect further share price appreciation to follow given today's encouraging signs on FY19E trading, with our forecast 52% EPS growth coming at an attractive PEG of just 0.37.

Companies: FairFX Group