Civitas Social Housing invests across the UK in care-based community housing and healthcare facilities, particularly specialised supported housing, for the benefit of working age adults with long-term care needs. Its investment objective is to provide an attractive level of income, with the potential for capital growth.
More Civitas Social Housing content >Investment summary
Following a detailed company response to the issues raised in an open letter by a ‘short seller’, which have recently negatively affected the share price, the quarterly update to 30 September 2021 (Q222) shows the company and assets continuing to perform in line with expectations, with rent collection as normal. The 1.3875p Q3 DPS is inline with the recently reaffirmed FY22 DPS target of 5.55p (FY21:5.40p). Q222 NAV per share increased to 108.49p (Q122: 108.42p) and including DPS paid the quarterly NAV total return was 1.3%, taking the H122 total to 2.7%. CSH has taken advantage of the share price weakness to repurchase shares at a significant discount to NTA but, with the M&G debt facility drawn down, funding resources remain for further accretive growth including plans to address the need for accommodation and support for the homeless.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 45.9 | N/A | 37.7 | 4.6 | 20.9 | 18.2 |
| 2021A | 47.8 | N/A | 36.1 | 4.9 | 19.6 | 22.9 |
| 2022E | 54.0 | N/A | 42.9 | 5.5 | 17.5 | 13.2 |
| 2023E | 56.6 | N/A | 51.5 | 6.0 | 16.0 | 12.7 |
Industry outlook
Government reforms of funding for health and social care are welcome, but we expect private capital to remain crucial in meeting the current and future needs for care based social housing. It is widely recognised to improve lives in a cost-effective manner compared with the alternatives of residential care or hospitals.
Last updated on 20/01/2022Content on Civitas Social Housing
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Real Estate
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | 26.6 |
| Forecast gearing ratio (%) | 4 |
Price performance
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Key management |
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| Paul Bridge | CEO |
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