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
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 30/06/2022Content 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 cash (£m) | 321.3 |
| Forecast gearing ratio (%) | N/A |
Price performance
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Key management |
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| Paul Bridge | CEO |