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QuotedData’s morning briefing 28 July 2022

In QuotedData’s morning briefing 28 July 2022:

  • Ecofin US Renewables (RNEW) says that its end June NAV was 97.32 cents, down slightly from the figure of 97.64 cents at end March. The main infuences on the NAV over the quarter were an inflation/interest related increase in discount rates used to value the portfolio (-$3.5m) offset by an uplift from higher power prices (+$3.8m), and a $1.0m decrease in cash and net working capital principally relating to budgeted seasonal fluctuations in operations at SED Solar Portfolio and Whirlwind. The quarterly dividend is 1.4 cents per share, in line with the dividend target range for 2022 of 5.25-5.75 cents.
  • Taylor Maritime (TMI) says that over the second quarter of 2022, the market value of its portfolio of vessels rose by 10% to $542m, but a 33% fall in the share price of Grindrod Shipping offset some of that and the net uplift to the NAV was about 3%. At end June, the fleet’s average net time charter rate was c.$20,650 per day, with an average duration of eight months and average annualized unlevered gross cash yield of 26%.
  • Alliance Trust (ATST) narrowly beat its benchmark over the six months ended 30 June 2022, returning -10.5% against an 11% fall in the MSCI AC World Index. Against its peer group, the outperformance was more marked – the average return on the AIC’s global growth sector was -18.6%. The interim dividend is 6p, up 62% on the previous year (as the new dividend policy kicks in).
  • SEGRO (SGRO) has posted half-year results to 30 June 2022 in which adjusted earnings per share was up 22% on the same period last year to 16.9p. IFRS NAV was up 8.7% over the six months to 1,212p per share – driven by a 7.2% uplift in the value of its portfolio. The company generated £55m of new headline rent during the period through asset management initiatives, which included £28m of pre-lets and an average 24% increase in lease renewals. The company has a development pipeline of 1.3m sqm under construction, equating to £118m of potential rent, of which 70% is pre-let. The group’s interim dividend increased 9% to 8.1p.
  • Chairman of Land Securities (LAND) Cressida Hogg has announced that she intends to retire in 2023, after nine years on the board – five as chairman. A process to recruit a replacement has started.
  • Hammerson (HMSO) has reported an increase in adjusted earnings of 154% to £51m in half-year results, reflecting a 48% increase in like-for-like net rental income and lower administration and finance costs. The group’s EPRA NTA was down slightly to 62p per share, with portfolio values broadly stable at £5.3bn. The company completed £194m of disposals, reducing net debt by 6%. Footfall, sales, occupancy and collections are recovering and now close to 2019 levels, the company said, adding that leasing performance was now ahead of previous passing rent and marginally ahead of estimated rental value (ERV).

We also have a trading update from Seraphim Space and a partial sale by Oakley Capital plus results from Aberforth Split Level

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