Civitas social housing - profile image - 25062019 - JPG

Civitas Social Housing

LN: CSH

Market Cap£591m

Last Close 96p

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 20/01/2022
Content on Civitas Social Housing
View more
Register to receive research on Civitas Social Housing as it is published
Share price graph
Balance sheet
Forecast net debt (£m) 26.6
Forecast gearing ratio (%) 4
Price performance
%
1m
3m
12m
Actual 1.6 5.6 (8.1)
Relative* (2.8) 1.8 (17.9)
52-week high/low 120.6p/87.4p
*% relative to local index
Key management
Paul Bridge CEO