Share Name Share Symbol Market Type Share ISIN Share Description
Civitas Social Housing Plc LSE:CSH London Ordinary Share GB00BD8HBD32 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.00p +1.19% 85.00p 84.80p 85.00p 85.40p 83.90p 85.00p 2,192,778 16:07:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 35.7 19.9 4.7 18.2 529

Civitas Social Housing Share Discussion Threads

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Very positive article from Tempus. Although, isn’t he usually the kiss of death for a share? Salty
Written up in Tempus. Agree the valuation is undemanding.
Bought 23,000 shares today. Cannot ignore the yield and 20% NAV discount. Salty.
SOHO -Triple Point announcement 6 Sept; Chris Phillips, Chairman of Triple Point Social Housing REIT plc, commented: "Looking back over the past six months, and forward over the next six months, there is much to be pleased about. As expected, our existing portfolio has performed well and we have continued to deploy funds into high-quality assets leased to Approved Providers which continue to strengthen as a result of ongoing regulatory engagement. Commissioners continue to call for new housing, as reflected in our pipeline of close to GBP400 million. We continue to refine and evolve our due diligence processes and we have never failed to receive rental payments in full under our leases. For all these reasons, and despite movements in the Company's share price, our continued operational performance makes us look to the future with optimism."
understanding of this sector is poor - even amongst the city brokerage community - not surprising given the sector is new to them. the real risk to the sector relates to changes in central govt funding policy towards specialist social housing (unlikely?). perception of regulator of social housing related risk is to some degree a red herring. housing associations should be thought of as no more than managing agents. the question to ask is are CSH assets fit for purpose, leased at market rents (i.e. not over rented), and occupied by tenants with long term special needs in areas of substantial supply / demand imbalance. if the answer to all these questions is yes (which it is), the risk of non payment is almost zero. if housing associations become financially stressed losses are imposed on void property stock, and or over rented premises. property which is fit for purpose and occupied at appropriate mkt rents would be unaffected and in extremis CSH could re-assign their leases to more financially viable HAs - which they have already been the case since IPO. n.b. many of these smaller specialist care related housings associations have grown rapidly in recent years and inevitably there have been associated growing pains. these issues are now being addressed to ensure their operations / governance are more professionally conducted going forward. other bear arguments focus on the mismatch of leases between housing associations and local authorities on one hand (typically shorter) and between housing assciation and social housing landlords on the other (typically longer). this misses the point that underlying tenants have long term specialist care needs (often longer than the lease) and will be funded by central govt whilst they are in situ - unless there is a change in govt funding policy...
seems to have stabilized at this level which looks attractive for income investors who want the real value of capital maintained but probably needs to attract attention of wealth managers to see price rise
Thanks @apollo. dcb = Dead Cat Bounce ;)
@spectoacc - what's a DCB? The article, by the way, is on Citywire Trust Insider.
Been a decent dcb - read an interesting article I now can't find a link for, headline "The regulator doesn't hate us" or similar.
Still some regulatory risk but agreed - so far they seem to be talking a good story, & there's a lot in the price down here.
An uptick is the share price seems to signal we have seen the bottom when they were rated on a par with investments trusts who were either not understandable or to be avoided
No surprises here as far as I can see At 80p the company is offering a yield of 6.25% rising to 6.6% next year
The discount against NAV was 28% at 77p. In fact discount and NAV have been moving in different directions this year. This will clearly reverse at some point or we are looking at a write down of NAV which I can't see a reason for given the specialization (social housing for the disabled)
Agreed re results, tho looking to buy more here.
I can see little extra beyond the news which caused the initial fall It looks overdone but if there is a seller in the market who likely invested when the stock was trading at a premium to NAV instead of today's huge discount then its unlikely there are buyers waiting to snap up stock The problem with Civitas is that it is not an established Investment Trust in an existing part of the IT market therefore finding an appropriate discount to NAV may take time. results on 24th June may bring clarity and I cant see why people would invest ahead of that date
Any idea why the price has fallen again today?
Seems a reasonable update - SOHO's out today too. Much prefer CSH for the NAV discount.
Note: Dividend raised to 1.375p; xd-16May19. 2019-20 Target of 5.3p. [4.3% higher than year ending 31Mar19]. Not greeted with any enthusiasm to judge by the share price action after the 8May19 RNS declaring the divi.
Well, they did buy that £86-mn of property v. recently Gopher; so 37% of that £230-mn of borrowings invested. But yes, even 1 significant Director's share purchase would assuage investor pessimism somewhat. If they raise the divi. a bit above its current 5p, that too might engender some enthusiasm that 84-85p is indeed a bargain price.
My thoughts also SpectoAcc - The directors believe the share fall is unduly harsh but buying by them would be a good sign
Excellent report, thanks. "It warned investors, that if it had to intervene in future it could not guarantee they would not suffer financial losses." "Analysts believe the share price falls in Civitas and Triple Point triggered by the report are justified given the real estate investment trusts may have to slow – or even stop – investing the £230 million and £150 million of borrowings they have arranged, with knock-on consequences for investment and dividend returns." ‘The RSH currently has regulatory judgements on over 240 RPs outstanding, Only three of these are non-compliant for both governance and financial viability and they are tenants of the listed social housing Reits,’ he said. Numis Securities said it was ‘more wary’ of the risks now that it was clear the sector faced more than ‘teething problems’ and that the regulator was prepared to intervene ‘in order to achieve the best outcome for tenants, which may be to the detriment of investors. Personally, I wonder if a c.20% discount to NAV (tho NAV itself can be a variable feast) is pricing in quite a lot already on CSH.
Just published- a clear summary. What’s wrong with high-yielding social housing trusts?
SA Thanks for info. and concur with your conclusions.
Thanks mp Also castigating myself for not having read the actual report at earliest opportunity. I did reduce my holding a bit on the last rise, as concerned the earnings weren't growing much and related ratios/margins look set to remain low. That combined with quite rapid expansion of Civitas portfolio ongoing and rise in debt-ratio - [though still well within CSH own stated tolerance]if only temporary. The rental growth looks ok, at this time; ditto the NAV growth. However, yes, these may be considerably more vulnerable than I've thought; the RPs do look shaky, especially the smaller ones. Excerpt from that regulatory report: These regulatory judgements and notices have revealed some recurring themes, which include:  the concentration risk that comes from having long-term, low-margin inflation-linked leases as a single source of finance  the thin capitalisation of some of the RPs undertaking this model  poor risk management and contingency planning undertaken by some of the RPs  some inappropriate governance practises that have led to poor decision making  a lack of assurance about whether appropriate rents are being charged. Perhaps potential political/regulatory risk will weigh heaviest upon that last noted concern?
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