Civitas social housing - profile image - 25062019 - JPG

Civitas Social Housing

LN: CSH

Market Cap£480m

Last Close 78.6p

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.

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Investment summary

The Q422 NAV update confirmed CSH’s consistently robust financial and operational performance, in line with the board’s expectations. Reflecting this Fitch recently reaffirmed its investment grade credit rating and, alongside accretive share repurchases by the company, ‘insider’ share purchases demonstrate the confidence of the board and key members of the investment adviser team. Having now met its 5.55p FY22 DPS target (+2.8%) the new FY23 target is at least 5.70p (+2.7%). Unaudited Q422 NAV per share increased 1.4% to 110.3p (Q322: 108.8p) and including DPS paid the quarterly NAV total return was 2.7%, taking the FY22 total to 6.9%. CSH has launched initiatives to promote greater regulatory alignment and address perceived lease risks.

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 17.1 14.9
2021A 47.8 N/A 36.1 4.9 16.0 18.7
2022E 51.6 N/A 37.6 5.1 15.4 11.9
2023E 55.6 N/A 49.8 5.8 13.6 10.8
Industry outlook

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 30/06/2022
Content on Civitas Social Housing
Civitas Social Housing – Focusing on the positive drivers
Real Estate | research Update | 17 February 2022
Civitas social housing - profile image - 25062019 - JPG
Civitas Social Housing – Focus returning to positive drivers
Real Estate | research Update | 1 February 2022
Civitas social housing - profile image - 25062019 - JPG
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Share price graph
Balance sheet
Forecast net cash (£m) 321.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (5.8) (10.1) (31.9)
Relative* 0.5 (4.4) (30.6)
52-week high/low 120.6p/78.6p
*% relative to local index
Key management
Paul Bridge CEO