Regional REIT (RGL) owns a highly diversified commercial property portfolio located in the regional centres of the UK.
The commercial property market is cyclical, historically exhibiting substantial swings in capital values through cycles. Income returns have been significantly more stable. Across all main sectors the market is continuing to adjust to the end of the low interest rate environment with investment activity remaining subdued.
Real Estate |
Flash note
Real Estate |
Update
Real Estate |
Update
Real Estate |
Outlook
Adam Dickinson
Head of IR
Daniel Taylor
Senior independent non-executive director
Frances Daley
Independent non-executive director
Kevin McGrath
Chairman
Massy Larizadeh
Independent non-executive director
Stephen Inglis
Non Executive Director
Forecast net cash (£m)
386.3
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 29.4 | (30.1) | (63.0) |
Relative | 27.8 | (33.4) | (62.9) |
52 week high/low | 56.0p/14.1p |
In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2021A | 55.8 | 45.2 | 28.8 | 6.6 | 3.1 | N/A |
2022A | 62.6 | 51.2 | (65.2) | 6.6 | 3.1 | N/A |
2023E | 53.7 | 43.1 | (67.3) | 5.2 | 4.0 | N/A |
2024E | 53.8 | 42.7 | 24.8 | 4.8 | 4.3 | N/A |