Civitas social housing - profile image - 25062019 - JPG

Civitas Social Housing

LN: CSH

Market Cap£737m

Last Close 118.4p

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

FY21 results provided the detail on Civitas Social Housing’s resilient performance through the pandemic, operationally and financially, delivering consistent positive returns. EPRA earnings and EPRA EPS grew c 6% and, with rents collected in full, underlying operational cash flow grew c 10%. Aggregate FY21 DPS of 5.4p was in line with the target, fully covered on an annualised run-rate basis at end-FY21 by EPRA earnings. The company targets a 2.8% increase to 5.55p in the current (FY22) year. End-FY21 IFRS NAV/share was 108.3p (end-FY20: 107.9p) and including DPS paid the FY21 NAV total return was 5.4%. Gearing is 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 25.7 22.4
2021A 47.8 38.3 36.1 4.9 24.2 28.2
2022E 54.0 44.4 42.9 5.5 21.5 16.3
2023E 56.6 46.8 51.5 5.9 20.1 15.7
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 30/07/2021
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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 2.6 3.7 4.8
Relative* 2.2 2.5 (13.5)
52-week high/low 119.2p/101.8p
*% relative to local index
Key management
Paul Bridge CEO