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QuotedData’s morning briefing 7 February 2022

side view of a container ship on a calm sea

In QuotedData’s morning briefing 7 February 2022:

  • Tufton Oceanic Assets (SHIP) has sold its containerships Candy and Echidna for a total of $21m. The realised net IRR will be around 74% and realised net MOIC will be around 1.80x. The ships were bought in January last year for $13.75m in total.
  • Octopus Renewables Infrastructure (ORIT) has declared an interim dividend for the period from 1 October 2021 to 31 December 2021 of 1.25 pence per ordinary share, payable on 4 March 2022. The Q4 2021 Dividend is the fourth of four equal dividends totalling 5.0 pence per ordinary share for the financial year to 31 December 2021, meeting ORIT’s FY 2021 dividend target in full. The company has a progressive dividend policy and is targeting an annualised dividend of 5.24 pence per ordinary share for the financial year to 31 December 2022. This represents an increase of 4.8% over the dividend target for FY 2021 and is in line with the increase to the Consumer Price Index (CPIH) for the 12 months to 31 December 2021.
  • Brown Advisory US Smaller Companies (BASC) has posted its half year results for the six months to 31 December 2021. During the period, its NAV increased by 0.9% while its share price was up by 3%. This compares with a 0.5% decrease from its benchmark. During the period under review, the company bought back 12,539 shares at an average discount of 10.9%. Chairman, Stephen White, said: ‘The rise of the Omicron variant at the tail end of 2021 eroded slightly the positive returns we had seen in the middle of the year, and with the recent onset of inflationary pressures, rising bond yields and global political tensions we do anticipate the possibility of some market volatility in the early part of 2022. However, we have confidence in the ability of the Portfolio Manager to navigate steadily through these conditions, as they have done in previous bouts of volatility. The US smaller companies sector remains an attractive and interesting one for long-term investors, even more so given the past year’s underperformance relative to the broader US stock market indices. Generally, the sector is under-researched and offers areas of undiscovered value. Shareholders should continue to benefit from the Company’s investment approach that focuses on buying good companies at attractive valuations.’
  • PRS REIT (PRSR) has reported a 5.3% rise in its unaudited EPRA NTA and IFRS NAV to 104.3 pence per share (30 June 2021: 99.0p). The increase in NAV reflects a 2% growth in the estimated rental value (ERV) of completed homes in the portfolio and yield reduction. At 31 December 2021, there were 4,489 completed homes in the portfolio with an ERV of £43.5m per annum (30 June 2021: 3,984 completed homes with an ERV of £37.5m).

We also have full-year results from BlackRock Throgmorton, an encouraging trading update from Great Portland Estates and new investments by BBGI and SDCL Energy Efficiency.

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