£113.2m market cap
213p last close
Town Centre Securities is a UK REIT focused primarily on Leeds, Manchester, Scotland and (mainly suburban) London. It also has a car parking operation (CitiPark). The investment portfolio is intensively managed for income and capital growth.
Investment summary
H119 saw continued progress with unlocking value from the development pipeline, which is particularly focused on offices and residential assets. A challenging retail environment was well managed, occupancy increased, and car parking profits grew. Excluding some short-term factors, EPRA earnings were robust and the DPS well covered, but NAV was negatively affected by weak investor sentiment, particularly for retail assets.
Y/E Jun |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 19.4 | N/A | 7.0 | 13.2 | 16.1 | 8.4 |
| 2018A | 19.3 | N/A | 6.9 | 13.0 | 16.4 | 6.2 |
| 2019E | N/A | N/A | N/A | N/A | N/A | N/A |
| 2020E | N/A | N/A | N/A | N/A | N/A | N/A |
| Last updated on 22/03/2019 | ||||||
Industry outlook
The supply demand balance for regional office and industrial property remains generally firm, and a positive yield spread between the regions and London offers potential for further narrowing. Parts of the retail sector are displaying clear signs of stress.
Last updated on 22/03/2019
Sector |
|---|
| Financials & real estate |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | 180.9 |
| Forecast gearing ratio (%) | 89 |
Price performance
% |
1m |
3m |
12m |
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Key management |
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|---|---|
| Edward Ziff | Chairman & Chief Executive |
| Mark Dilley | Finance Director |
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