Civitas social housing - profile image - 25062019 - JPG

Civitas Social Housing

LN: CSH

Market Cap£622.5m

Last Close 100p

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 resilient operational and financial performance delivered through the pandemic continued in Q122, including rent collection as normal. Q121 NAV per share increased to 108.42p (end-FY21: 108.30p) and including DPS paid the quarterly NAV total return was 1.4%. A Q122 DPS of 1.3875p was declared, in line with the increased FY22 target of 5.55p (FY21: 5.40p). The previously announced acquisition of 25 supported living facilities for £19.5m completed in the period, with the acquisition of a further property for £2.5m agreed with contracts exchanged. With the M&G debt facility drawn down, funding resources are in place 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 36.0 37.7 4.6 21.7 18.9
2021A 47.8 38.3 36.1 4.9 20.4 23.8
2022E 54.0 44.4 42.9 5.5 18.2 13.8
2023E 56.6 46.8 51.5 5.9 16.9 13.3
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 17/09/2021
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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 (14.1) (15.7) (8.1)
Relative* (12.0) (14.7) (22.8)
52-week high/low 120.6p/91.9p
*% relative to local index
Key management
Paul Bridge CEO