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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Regional Reit Limited | LSE:RGL | London | Ordinary Share | GG00BYV2ZQ34 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.80 | 3.65% | 22.70 | 22.60 | 22.75 | 23.00 | 21.55 | 21.90 | 844,943 | 14:31:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 93.32M | -65.16M | -0.1263 | -1.79 | 116.56M |
TIDMRGL
Regional REIT Limited
29 July 2016
London, UK, 29 July 2016
Edison issues initiation on Regional REIT (RGL)
Regional REIT (RGL) provides a focused exposure to UK regional commercial real estate, predominantly secondary assets. The regional property recovery began later than in London and we believe RGL offers the potential for above average late-cycle income and capital growth. It has an established and diversified high-yielding portfolio that already supports the attractive 8.1% prospective yield. RGL's focus on underexploited properties provides additional internally driven potential from asset management initiatives, with potential for accretive asset growth. Brexit has raised uncertainty about the pace of UK economic growth, investor appetite and future occupier demand, but particularly for City of London offices, while sterling's devaluation may provide a boost to regionally focused industry. Meanwhile, interest rates show no sign of increasing.
RGL's prospective dividend yield of 8.1% is the highest among UK REIT sector constituents and it is also fully covered. As we show in the financial section on page 11, we believe there is scope for accretive acquisition activity to further increase DPS above our forecasts. The shares are at a c 13% discount to our 2016e EPRA NAV, which assumes no valuation yield tightening.
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About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
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This information is provided by RNS
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July 29, 2016 06:25 ET (10:25 GMT)
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