Kolibri Global Energy — Record quarterly production

Kolibri Global Energy (TSX: KEI)

Last close As at 12/12/2024

4.25

0.05 (1.19%)

Market capitalisation

152m

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Research: Energy & Resources

Kolibri Global Energy — Record quarterly production

Kolibri Global Energy (KEI) has reported Q124 results that saw flat EBITDA quarter-on-quarter as double-digit growth in average production to a record 3,305boepd was offset by lower commodity prices and a one-off increase in operating costs. We have updated our estimates to reflect the results and the recent well reworks, lowering our FY24 EBITDA estimate by 9%. As a result, our valuation of KEI falls from US$7.1 to US$6.9/share. The stock continues to trade at undemanding valuation multiples and, despite the increased volatility, the oil price remains generally supportive of the share price.

Written by

Andrey Litvin

Energy and Resources Analyst

Energy & Resources

Kolibri Global Energy

Record quarterly production

Results update

Oil and gas

20 May 2024

Price

C$4.2

Market cap

C$150m

US$/C$1.37

Net debt (US$m) at end Q124

32.8

Shares in issue

35.6m

Free float

100%

Code

KEI

Primary exchange

TSX

Secondary exchange

Nasdaq

Share price performance

%

1m

3m

12m

Abs

(5.0)

1.5

(19.9)

Rel (local)

(8.4)

(4.0)

(27.6)

52-week high/low

C$6.52

C$3.92

Business description

Kolibri is a junior unconventional exploration and production company operating in the Tishomingo oil field in southern Oklahoma. It earned the right to ‘hold by production’ in over 96% of 17,163 net acres in the Caney/Upper Sycamore formations through historical drilling and participation in the Woodford shale. Kolibri’s total gross reserves stood at 77mmboe as of December 2022.

Next event

Q224 results

August 2024

Analysts

Andrey Litvin

+44 (0)20 3077 5700

Andrew Keen

+44 (0)20 3077 5724

Kolibri Global Energy is a research client of Edison Investment Research Limited

Kolibri Global Energy (KEI) has reported Q124 results that saw flat EBITDA quarter-on-quarter as double-digit growth in average production to a record 3,305boepd was offset by lower commodity prices and a one-off increase in operating costs. We have updated our estimates to reflect the results and the recent well reworks, lowering our FY24 EBITDA estimate by 9%. As a result, our valuation of KEI falls from US$7.1 to US$6.9/share. The stock continues to trade at undemanding valuation multiples and, despite the increased volatility, the oil price remains generally supportive of the share price.

Year end

Net revenue (US$m)

EBITDA
(US$m)

EPS*
(US$)

DPS
(US$)

P/E
(x)

Yield
(%)

12/22

37.6

28.9

0.47

0.0

6.6

N/A

12/23

50.6

39.7

0.54

0.0

5.7

N/A

12/24e

66.8

53.3

0.76

0.0

4.1

N/A

12/25e

71.6

57.1

0.82

0.0

3.8

N/A

Note: *EPS is normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Q124: An encouraging set of results

KEI reported a 6% q-o-q increase in revenues to US$14.3m in Q1 as a 16% increase in average production to 3,305boepd was partly offset by a 8% drop in the realised basket price. Production costs were negatively affected by the one-off reassessment of legacy processing and gathering fees, which lowered the sequentially flat EBITDA of US$10.6m by a net US$0.2m. Adjusted for these fees, unit cash production costs of US$6.4/boe were down 8% q-o-q. As a result of the lower basket price and higher absolute costs, Q124 netback came in 14% lower at US$38/boe. KEI ended the quarter with net debt of US$32.8m (FY23: US$30.2m).

Lowering estimates on results, well reworks

We have updated our estimates to reflect the results and the provisional impact on production from the recent well reworks, lowering our FY24 revenue and EBITDA by 8% and 9% to US$67m and US$53m, respectively. We maintain our FY24 WTI benchmark price assumption at US$80bbl, but lower our Henry Hub price slightly to US$2.7mmbtu. The company has earlier guided to FY24 revenues of US$60–65m and EBITDA of US$46–51m based on average production of 3,500-4,000boepd, US$72bbl WTI and US$2.6mmbtu Henry Hub prices. At these commodity price assumptions, our FY24 estimates would be at the lower end of guidance ranges.

Valuation: Oil price remains supportive

We have updated our valuation of KEI from US$7.1/share to US$7.0 (C$9.5) on lower production and earnings estimates largely offset by higher longer term NGL prices. The stock continues to trade at undemanding multiples, with an FY24e EV/EBITDA of just 2.7x. Despite the increased volatility, the oil price remains generally favourable for KEI, which has a relatively high share of oil in its production mix. With the record quarterly production achieved in Q124 and unchanged FY24 guidance, we believe KEI’s growth story remains intact as the company boasts a large undeveloped reserve base in the Caney formation alone.

Results review and earnings update

Q124 results: Record quarterly production, flat EBITDA

KEI reported Q124 revenues of US$14.3m, up 6% q-o-q, on the back of a 16% increase in average production to a record 3,305boepd, albeit with some impact from well reworks, and an 8% reduction in the realised basket price. Cash production and operating costs increased 43% q-o-q in absolute terms, while G&A expenses grew 13%. The increase in production costs was mainly due to a one-off reassessment of gathering and processing costs related to prior years. Adjusted for these historical fees of US$1.9/boe, unit cash production costs were US$6.4/boe, down 8% q-o-q. As a result of the lower basket price and higher absolute costs, Q124 netback came in 14% lower at US$38/boe. However, as weaker commodity prices were offset by higher production, Q124 EBITDA of US$10.6m remained flat compared to Q423. At the top-line level, significant support came from the recovery in realised natural gas liquids (NGL) prices and higher NGL production, with NGL contributing 7% to revenues (4% in Q423 and 5% in FY23), while the share of oil fell to c 90%.

The company ended the quarter with slightly higher net debt of US$32.8m (FY23: US$30.2m) due to a US$2m net increase in borrowings and working capital outflows. Separately, the company announced a 25% increase in its credit facility from BOK Finance to US$50m, with US$18m remaining undrawn.

Exhibit 1: Q124 results summary

US$m

Q124

Q423

q-o-q (%)

Q123

y-o-y (%)

Average production, boepd

3,305

2,842

16.3

3,194

3.5

Realised basket price, US$/boe

60.7

65.8

-7.7

62.9

-3.5

Net revenues

14.3

13.4

6.3

14.3

-0.1

Opex

2.2

1.6

43.3

1.6

44.6

G&A

1.3

1.1

12.7

0.9

36.0

EBITDA - Edison

10.6

10.5

1.4

11.8

-9.7

Adjusted EBITDA - company

10.4

10.5

-1.2

11.4

-9.0

Netback, US$/boe

37.8

43.4

-13.0

42.2

-10.5

Net debt

32.8

30.2

8.5

15.3

114.8

Source: Kolibri, Edison Investment Research

During the first quarter, KEI reworked three wells that were affected by offset fracture stimulation, which reduced quarterly production by about 275boepd, or c 8%. According to the company, the wells had not fully recovered by the end of the quarter. Another well was reworked in Q224.

FY23 results in line with expectations

On 2 May, KEI reported FY23 results that were largely in line with our updated and company expectations. The main highlights of the results were a 71% increase in average production and a significant reduction in unit cash production which, despite a visible drop in the realised basket price, led to a 35% increase in revenues and a 37% boost to EBITDA. On the flip side, the company had to borrow more to fund production growth, with FY23 net debt reaching US$30m vs US$17m at end FY22. At the same time, KEI achieved a significant reduction in well costs during the year.

Exhibit 2: FY23 results summary

US$m

2023 actual

2023 Edison

Guidance

2022

y-o-y (%)

Average production, boepd

2,796

2,881

2,800-3,000

1,640

70.5

Realised basket price (US$/boe)

63.1

64.4

 

80.8

-21.9

Net revenues

50.6

53.2

51-53

37.6

34.5

Opex

5.9

6.6

 

4.9

20.2

G&A

4.2

4.5

 

7.6

-44.0

EBITDA

39.7

41.3

39-41

28.9

37.1

Netback (US$/boe)

41.6

42.4

 

47.8

-12.9

Net debt

30.2

29.1

29-31

16.8

79.9

Source: Kolibri, Edison Investment Research

Earnings and valuation update

KEI’s earlier FY24 guidance was for revenues of US$60–65m and adjusted EBITDA of US$46–51m based on average production of 3,500-4,000boepd. The company expected to complete six to seven wells in FY24. Having drilled one well in late 2023, KEI is currently fracture stimulating Nickel Hill 35-1H and Nickel Hill 35-2H wells, both with a 62.9% working interest. The latter two wells are expected to start production in June. For now, we maintain our assumption of seven well completions in FY24. Having provisionally adjusted our estimates for the impact of well reworks, we lower our FY24 average production from 3,921boepd to 3,623boepd. We maintain our benchmark WTI price at US$80bbl for the year, slightly lower our Henry Hub price to US$2.7mmbtu, but lift our NGL price assumptions following the increase in realised prices in Q1. As a result, our revenue and EBITDA forecasts for FY24 reduce to US$67m and US$53m. We note that the company’s guidance is based on the WTI price of US$72bbl and Henry Hub price of US$2.6mmbtu. At the company’s commodity price expectations, our revenue and EBITDA estimates for FY24 would be at the lower end of the guidance. Our FY25 financial estimates are marginally down on slightly lower production forecasts.

Exhibit 3: Estimates revisions

 

FY24e

FY25e

US$m

New

Old

New

Old

Average production, boepd

3,623

3,921

4,131

4,260

Realised basket price, US$/boe

64.8

65.2

60.9

60.9

Net revenues

66.9

72.7

71.6

73.9

EBITDA

53.3

58.7

57.1

58.6

EPS

0.76

1.07

0.82

1.06

Net debt/(cash)

30.1

17.3

17.3

(1.8)

Source: Edison Investment Research

Given the above changes to production and earnings estimates, which are largely offset by upward adjustments to our long-term NGL price assumptions, our valuation of KEI falls from US$7.1 to US$7.0/share (C$9.5/share) at an unchanged WACC of 10%. The stock continues to trade at undemanding valuation multiples, with an FY24e EV/EBITDA of just 2.7x. Despite the increased volatility of the oil price, it generally remains supportive of KEI’s share price.

Exhibit 4: Financial summary

US$'000s

2021

2022

2023

2024e

2025e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Gross revenue

 

 

19,128

48,376

64,390

85,673

91,827

Royalties

(4,156)

(10,816)

(13,793)

(18,848)

(20,202)

Net revenue, including other income

14,972

37,560

50,597

66,825

71,625

Production costs

(2,962)

(4,904)

(5,895)

(8,330)

(9,048)

SG&A

(2,697)

(3,494)

(4,243)

(4,628)

(4,976)

Share based payments

0

(277)

(790)

(600)

(500)

EBITDA

 

 

9,315

28,931

39,671

53,326

57,101

D&A

(3,594)

(7,581)

(15,009)

(15,695)

(16,864)

EBIT

 

 

5,721

21,350

24,662

37,632

40,237

Exceptionals

71,403

0

0

0

0

Net interest

(906)

(1,067)

(2,366)

(2,956)

(2,956)

Other

(5,216)

(3,640)

343

(735)

(100)

Normalised PBT

 

 

(401)

16,643

22,639

33,941

37,181

Reported PBT

71,002

16,643

22,639

33,941

37,181

Tax

0

0

3,359

6,788

7,808

Reported profit after tax

71,002

16,643

19,280

27,153

29,373

Npormalised profit after tax

 

 

(401)

16,643

19,280

27,153

29,373

Average Number of Shares Outstanding (m)

23.3

35.6

35.6

35.6

35.6

EPS - normalised (US$)

 

 

(0.02)

0.47

0.54

0.76

0.82

EPS - reported (US$)

3.05

0.47

0.54

0.76

0.82

Dividend (US$)

0.0

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

147,114

176,602

217,351

242,646

260,639

PP&E

147,076

176,554

216,161

241,456

259,449

Rights of use assets

38

48

1,190

1,190

1,190

Current Assets

 

 

9,902

7,480

6,928

8,360

22,013

Cash

7,316

1,037

598

925

14,110

Receivables

1,999

5,773

5,492

6,597

7,064

Deposits and prepaid expenses

587

670

838

838

838

Current Liabilities

 

 

(6,079)

(14,049)

(18,844)

(17,818)

(19,591)

Payables

(3,145)

(12,596)

(17,648)

(16,432)

(17,848)

Loans

(1,000)

0

0

0

0

Leases

(43)

(32)

(1,068)

(1,258)

(1,615)

FV of commodity contracts

(1,891)

(1,421)

(128)

(128)

(128)

Long Term Liabilities

 

 

(17,849)

(19,835)

(31,740)

(31,740)

(31,740)

Debt

(15,866)

(17,799)

(29,612)

(29,612)

(29,612)

Leases

0

(17)

(162)

(162)

(162)

Other

(1,983)

(2,019)

(1,966)

(1,966)

(1,966)

Net Assets

 

 

133,088

150,198

173,695

201,448

231,321

Shareholders' equity

 

 

133,088

150,198

173,695

201,448

231,321

CASH FLOW

Profit after tax

71,002

16,643

19,280

27,153

29,373

D&A

3,594

7,581

15,009

15,695

16,864

Working capital

551

(2,140)

1,714

(2,321)

948

Other

(68,844)

(42)

2,644

700

600

Net operating cash flow

 

 

6,303

22,042

38,647

41,227

47,785

Capex

(696)

(37,097)

(53,173)

(39,900)

(33,600)

Lease payments

(74)

(54)

(903)

(1,000)

(1,000)

Other

4,252

8,016

3,305

0

0

Net Cash Flow

9,785

(7,093)

(12,124)

327

13,185

Opening net debt/(cash)

 

 

19,939

9,593

16,811

30,244

30,107

FX and other

561

(125)

(1,309)

(190)

(357)

Closing net debt/(cash)

 

 

9,593

16,811

30,244

30,107

17,279

Source: Kolibri Global Energy accounts, Edison Investment Research

General disclaimer and copyright

This report has been commissioned by Kolibri Global Energy and prepared and issued by Edison, in consideration of a fee payable by Kolibri Global Energy. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for ‘wholesale clients’ within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are ‘wholesale clients’ for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a ‘personalised service’ and, to the extent that it contains any financial advice, is intended only as a ‘class service’ provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the ‘FPO’) (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the ‘publishers' exclusion’ from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

General disclaimer and copyright

This report has been commissioned by Kolibri Global Energy and prepared and issued by Edison, in consideration of a fee payable by Kolibri Global Energy. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2024 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for ‘wholesale clients’ within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are ‘wholesale clients’ for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a ‘personalised service’ and, to the extent that it contains any financial advice, is intended only as a ‘class service’ provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the ‘FPO’) (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the ‘publishers' exclusion’ from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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Research: Real Estate

Target Healthcare REIT — Positive momentum continued in Q3

Target Healthcare REIT’s Q324 update shows a fifth successive quarter of positive NAV total return, with indexed rent reviews driving increased earnings and property values. Tenant profitability continues to strengthen, reflected in a high level of rent cover and rent collection. Dividends are well covered by adjusted earnings and we expect further DPS growth.

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