Civitas Social Housing (LSE: CSH)

Currency in GBP

Last close As at 26/01/2023

GBP0.53

−1.20 (−2.21%)

Market capitalisation

GBP326m

Civitas Social Housing (CSH) 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.

SSH/care-based social housing is widely recognised to improve lives in a cost-effective manner compared with the alternatives of residential care or hospitals. If approved for SSH, the discussed cap on social housing rents will better align the interests of landlords and HAs in the current inflationary environment.

Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Paul Bridge

    CEO

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (12.4) (10.7) (44.4)
Relative (15.6) (19.3) (45.7)
52 week high/low 96.5p/53.2p

Financials

Civitas Social Housing’s (CSH’s) AGM statement confirmed that the financial and operational performance had remained robust with a continuation of strong and growing demand for specialised supported housing (SSH). Leverage of 34% remained comfortably in line with the company’s maximum 40% target and progress is being made with increasing the average tenor of debt facilities and further limiting exposure to interest rate fluctuations. Previously announced Q123 total return was 2.7%, continuing the consistently positive returns since IPO and DPS declared of 1.425p was in line with the full year target of at least 5.70p (+2.7%). CSH has made progress with its new lease clause which should assist housing association (HA) tenants in addressing issues identified by the regulator and inflation pressures. It has been approved by the boards of the two HAs with whom it was discussed initially and is now being introduced to several specimen leases.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 47.8 N/A 36.1 4.9 10.9 12.7
2022A 50.7 N/A 44.8 4.8 11.1 8.8
2023E 55.6 N/A 49.8 5.8 9.2 7.3
2024E 57.0 N/A 51.5 6.0 8.9 7.1

Thematics

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

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