Triple Point Social Housing REIT (LSE: SOHO)

Last close As at 28/03/2024

GBP0.60

0.30 (0.51%)

Market capitalisation

GBP234m

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.

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Triple Point Social Housing REIT_resized

Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Ben Beaton

    Managing partner

  • Gregory Banner

    Investment manager

  • Isobel Gunn-Brown

    CFO

  • James Cranmer

    Managing partner

Balance Sheet

Forecast net debt (£m)

231.4

Forecast gearing ratio (%)

57850

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.8 (7.9) 37.9
Relative (0.4) (10.3) 28.8
52 week high/low 64.9p/42.2p

Financials

Triple Point Social Housing REIT (SOHO) reported a robust FY23 financial performance. Benefiting from inflation-linked rental growth and improving rent collection, DPS is once again covered on a run-rate basis, and we expect further progress. Operational initiatives included the roll-out of the new lease clause and launch of the eco-retrofit pilot project.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 37.4 27.5 19.3 4.78 12.5 9.3
2023A 39.8 27.0 19.5 4.92 12.1 9.1
2024E 41.4 32.0 24.4 6.20 9.6 8.0
2025E 42.7 33.2 25.6 6.51 9.2 7.4

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