NAV

Edison issues update on Seraphim Space Investment Trust (SSIT): Several key holdings funded to break-even

Retrieved on: 
Wednesday, April 10, 2024
Traction, IPO, SSIT, NAV, ETF, ICEYE

Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance.

Key Points: 
  • Seraphim Space Investment Trust (SSIT) reported a modest 1.8% NAV total return (TR) in H124, as the positive impact from up rounds (most notably D-Orbit’s) was partly offset by downward fair value adjustments of some other holdings due to technical setbacks or operational underperformance.
  • However, we note that fund-raising across the spacetech sector remained robust in CY23.
  • Excluding the fully funded companies, the remaining portfolio has a fair value weighted average cash runway of 12 months, according to Seraphim Space.
  • Once IPO activity rebounds, this could provide SSIT’s major holdings the opportunity to list (though this seems more likely in CY25 rather than this year).

Edison issues update on HgCapital Trust (HGT): Strong earnings growth and realisations in FY23

Retrieved on: 
Wednesday, April 10, 2024
Growth, NAV, Horizontal gene transfer, Environment, Hg

HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively.

Key Points: 
  • HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively.
  • This has been mostly driven by robust earnings momentum across its portfolio.
  • HgT defied the tough private equity exit environment, generating £345.9m of total realisation proceeds excluding carried interest in FY23.
  • Growth was further assisted by high ‘buy-and-build’ activity, which benefited earnings growth and supported returns through a considerable multiples arbitrage.

Edison issues flash on Foresight Solar Fund (FSFL): Optimising capital allocation

Retrieved on: 
Wednesday, April 10, 2024
FSFL, Share repurchase, London Stock Exchange, Renewables Obligation (United Kingdom), NAV, Sale, Foresight Solar Fund, IPO

Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December).

Key Points: 
  • Foresight Solar Fund (FSFL) celebrated its 10-year anniversary of listing on the London Stock Exchange with decade-high cash distributions from assets of £120.4m in its FY23 results (year end 31 December).
  • There is significant headroom in the dividend cover to operate further out, even in a falling power price environment.
  • The latest sale of a UK solar asset indicates a value per megawatt roughly 15% above the valuation FSFL uses on its UK portfolio of £1.17m/MWh.
  • This comes alongside the sale of two other UK solar portfolios in 2023, both at greater valuations than FSFL’s valuation per megawatt hour.

Edison issues update on BlackRock Latin American IT (BRLA): Worthy allocation as part of a global portfolio

Retrieved on: 
Wednesday, April 10, 2024
Policy, BlackRock, NAV

BlackRock Latin American Investment Trust’s (BRLA’s) lead manager Sam Vecht and deputy manager Christoph Brinkmann remain optimistic about the prospects for the region.

Key Points: 
  • BlackRock Latin American Investment Trust’s (BRLA’s) lead manager Sam Vecht and deputy manager Christoph Brinkmann remain optimistic about the prospects for the region.
  • Interest rates are coming down as Latin American central banks have been more proactive than those in developed markets in raising interest rates to combat higher inflation, which should be supportive for economic growth and asset prices.
  • Latin America has remained relatively isolated from global geopolitical conflict, enabling trade with both eastern and western nations.
  • The region has been overlooked by global investors, which has led to very attractive valuations on both absolute and relative terms.

EQS-News: Deutsche Wohnen: Stable Performance in the financial year 2023

Retrieved on: 
Wednesday, April 10, 2024
Deutsche Wohnen, Tax, EBT, Environment, Sale, NAV, EPRA, Care, Depreciation, LTV, Orientation

In a challenging environment for the real estate industry, Deutsche Wohnen SE delivered a stable operating performance in the financial year 2023.

Key Points: 
  • In a challenging environment for the real estate industry, Deutsche Wohnen SE delivered a stable operating performance in the financial year 2023.
  • The Deutsche Wohnen Management Board subjected the nursing care activities to a strategic review.
  • Going forward, Deutsche Wohnen will be making a clearer distinction in the management system between earnings orientation and liquidity orientation.
  • Going forward, Deutsche Wohnen will reconcile EBITDA to earnings before taxes (EBT), establishing this as the central measure of earnings.

Hardman & Co Research on Arbuthnot Banking Group (ARBB): 2023 - delivering strategy with strong profit growth

Retrieved on: 
Wednesday, April 10, 2024
Eating, EPS, Vii, FUM, NAV, PBT

The saying goes, the proof of the pudding is in the eating.

Key Points: 
  • The saying goes, the proof of the pudding is in the eating.
  • ABG’s 2023 results proved that the strategic positioning of the group, as a relationship bank, has created enormous value.
  • Customer deposits grew 21% to £3.8bn, loans by 6% to £2.3bn and FUM by 29% to £1.71bn.
  • Please click on the link below for the full report:
    If you are interested in meeting the company, you can register your interest by clicking on the above link

SWEF: February 2024 NAV

Retrieved on: 
Wednesday, April 10, 2024
FX, Movement, NAV

(2) Euro amounts drawn and future cash commitments converted at the month end spot rate.

Key Points: 
  • (2) Euro amounts drawn and future cash commitments converted at the month end spot rate.
  • The difference between amounts drawn in the table above and “Loans advanced” in the first table is accrued income and impairment provisions.
  • Reconciliation of NAV per share movements for the month ended 29 February 2024:
    (4) Operating Income available to distribute comprises loan income recognised in the period less the cost of debt facilities utilised by the Group and operating costs incurred.
  • Mismatches between the hedge valuations and the loan investments may occur depending on the shape of the forward FX curve and this causes some movement in the NAV.

EQS-News: CPI PROPERTY GROUP publishes financial results for 2023

Retrieved on: 
Wednesday, April 10, 2024
WAULT, EUR, CPI, Growth, Capital expenditure, ICR, Environment, GSG, Hotel, Webcast, CEE, NAV, EPRA, Investment, LTV, FFO

CPI PROPERTY GROUP (hereinafter “CPIPG”, the “Company” or together with its subsidiaries the “Group”), a leading European landlord, hereby publishes audited financial results for the financial year ended 31 December 2023.

Key Points: 
  • CPI PROPERTY GROUP (hereinafter “CPIPG”, the “Company” or together with its subsidiaries the “Group”), a leading European landlord, hereby publishes audited financial results for the financial year ended 31 December 2023.
  • “CPIPG’s results in 2023 demonstrate the resilient and high-yielding nature of real estate in the CEE region,” said David Greenbaum, CEO.
  • The Group raised over €2.5 billion of secured and unsecured external financing in 2023, including €1.2 billion of fresh cash.
  • CPIPG will host a webcast in relation to its financial results for 2023.

Edison issues update on Triple Point Social Housing REIT (SOHO): Financial and operational progress

Retrieved on: 
Wednesday, April 10, 2024
DPS, Collection, Growth, SOHO, NAV

Triple Point Social Housing REIT (SOHO) reported a robust FY23 financial performance.

Key Points: 
  • 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.
  • The FY23 trailing dividend yield is 9.3% and we forecast DPS growth in FY24 on a fully covered basis.

EQS-News: HAMBORNER REIT AG: Annual financial statements confirm successful business performance with revenue and earnings growth in 2023 – dividend proposal of €0.48 per share – AGM on 25 April 2024

Retrieved on: 
Wednesday, April 10, 2024
EPRA, LTV, Uncertainty, Annual report, REIT, Annual general meeting, Policy, NAV, Environment

Duisburg, 14 March 2024 – HAMBORNER REIT AG today publishes its annual report for 2023 following another successful financial year and is confirming the preliminary figures released on 8 February 2024.

Key Points: 
  • Duisburg, 14 March 2024 – HAMBORNER REIT AG today publishes its annual report for 2023 following another successful financial year and is confirming the preliminary figures released on 8 February 2024.
  • Although the 2023 financial year was characterised by a high degree of uncertainty and numerous negative factors, the company successfully continued its business performance, achieving its revenue forecast in full and exceeding its earnings target.
  • The company’s financial position also remained comfortable, with a REIT equity ratio of 55.1% and loan-to-value (LTV) of 43.5%.
  • At an operating level, the company achieved considerable success in its letting activities in the 2023 financial year.