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Currency in GBP
Last close As at 09/06/2023
GBP0.56
▲ −0.90 (−1.57%)
Market capitalisation
GBP222m
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.
Specialised social housing/care-based social housing is widely recognised to improve lives in a cost-effective manner compared with the alternatives of residential care or hospitals. Most providers/lessees are responding positively to regulatory activity by enhancing operational performance, financial strength and governance structures, all positive for sector sustainability.
Director, Financials
Ben Beaton
Managing partner
Gregory Banner
Investment manager
Isobel Gunn-Brown
CFO
James Cranmer
Managing partner
Forecast net cash (£m)
30.5
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 23.0 | 12.1 | (37.7) |
| Relative | 25.7 | 16.9 | (37.0) |
| 52 week high/low | 94.9p/42.2p |
Triple Point Social Housing REIT (SOHO) continues to acquire shares under its accretive share repurchase programme of up to £5m. Dependent on market conditions and pricing, the proceeds of the potential sale of property assets may also be deployed in further share repurchases. In FY22, indexed rental growth broadly offset higher borrowing costs and expected credit losses and the DPS target (5.46p) was met. A path has been set for restoring rent collection from the two in arrears (17% of rent roll) and the FY23 target will be announced with the Q123 update. Property valuations were robust versus the broader commercial property sector, resulting from long, indexed leases, and the NAV total return was a positive 5.7%. The company is well advanced with plans to roll out a new risk-sharing lease clause aimed at supporting lessees to address issues identified by the regulator.
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 33.1 | 26.2 | 19.4 | 4.82 | 11.7 | 9.2 |
| 2022A | 37.4 | 27.5 | 19.3 | 4.78 | 11.8 | 8.8 |
| 2023E | 40.9 | 28.7 | 21.2 | 5.27 | 10.7 | 7.4 |
| 2024E | 41.8 | 33.1 | 25.7 | 6.37 | 8.9 | 6.8 |
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