Triple Point Social Housing REIT

LN: SOHO

£431m market cap

107p last close

Triple Point Social Housing REIT (SOHO) invests in primarily newly built and newly renovated social housing assets in the UK, with a particular focus on supported housing. SOHO aims to provide a stable, long-term inflation-linked income with the potential for capital growth.

Investment summary

Triple Point Social Housing REIT (SOHO) has grown its portfolio strongly since IPO, bringing a much-needed new supply of supported housing to market and building its base of secure income. We expect acquisitions, rent indexation and the completion of forward-funded developments to drive further strong earnings growth in FY20 and FY21 and, with rent collection unaffected by the COVID-19 pandemic, further growth in DPS.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 11.5 7.0 5.4 2.27 47.1 47080.0
2019A 21.1 15.1 11.9 3.39 31.6 23047.7
2020E 28.0 21.7 16.1 4.45 24.0 15385.0
2021E 35.8 29.0 22.8 5.67 18.9 14084.8
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Share price graph
Balance sheet
Forecast net debt (£m) 0.2
Forecast gearing ratio (%) 35
Price performance
%
1m
3m
12m
Actual (1.8) 0.0 9.7
Relative* (2.8) (4.8) 13.6
52-week high/low 113.5p/68.0p
*% relative to local index
Key management
Isobel Gunn-Brown CFO
Ben Beaton Managing partner
James Cranmer Managing partner