Civitas social housing - profile image - 25062019 - JPG

Civitas Social Housing

LN: CSH

Market Cap£724.5m

Last Close 116.4p

Civitas is the leading listed UK social housing REIT. Its investment objective is to provide an attractive level of income, with the potential for capital growth, from investing in a diversified portfolio of fully developed social homes, particularly specialist supported housing for vulnerable adults.

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Investment summary

The results for the year ended 31 March 2021 (FY21) provided the detail on Civitas Social Housing’s resilient performance through the pandemic. The portfolio continued to perform in line with expectations, operationally and financially, delivering consistent positive returns. With rents indexed to inflation and gearing in place to fund accretive portfolio acquisitions, we forecast further consistent growth in earnings and DPS.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 45.9 36.0 37.7 4.6 25.3 22.0
2021A 47.8 38.3 36.1 4.9 23.8 27.7
2022E 54.0 44.4 42.9 5.5 21.2 16.0
2023E 56.6 46.8 51.5 5.9 19.7 15.5
Industry outlook

Private capital is crucial in meeting the current and future needs for care based social housing which is widely recognised to improve lives in a cost-effective manner compared with the alternatives of residential care or hospitals.

Last updated on 23/07/2021
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Share price graph
Balance sheet
Forecast net debt (£m) 328.5
Forecast gearing ratio (%) 48
Price performance
%
1m
3m
12m
Actual (1.0) 3.7 3.0
Relative* 0.4 3.1 (11.2)
52-week high/low 119.2p/101.8p
*% relative to local index
Key management
Paul Bridge CEO