Civitas Social Housing Share Discussion Threads

[chucko1] 14/10/2020 00:29

It doesn't look like much of an issue. But I do not know this sector well, so cannot interpret why some investors seemed to take fright. It "affects" 12% of their portfolio - and yet they state in their response that the financial effect is zero on this 12%. The share price has drifted 10% from its recent highs which seems a generous opportunity to repurchase.

[badtime] 13/10/2020 21:01

Hmm...i didnt pay much attention to the regulators review ..i am imagine thats what caused the share price softness ....interesting reading the companies response....sp has drifted a tad lower...might add if it softens further

[chucko1] 07/10/2020 12:29

Reading their Aug 8th statement, it does appear that they are intending some sort of raise at some stage, and the share price has drifted pretty well from that point. I had not really been focusing on this having sold out at 111p some while ago after the big rise. Back in now and will wait for lower prices for more.

Thx for tapping me on the shoulder on this one - 5.18% yield has its place.

[badtime] 07/10/2020 12:10

Cheers for the input

[chucko1] 07/10/2020 12:09

Big seller out there, it appears. Can buy large size near the bid. Part of the open-ended funds' liquidity-driven sales?

Just bought a few.

[chucko1] 07/10/2020 12:06

It's a bit of a random mover, this one. It needs no news or clear change in prospects to move 10% in either direction. At 5.18% yield, it's pretty fair value now for the risk.

With an NAV at just under 108p, it's not even as though an equity raise has clear line of sight. It did at 114p, but we're not there now.

[badtime] 06/10/2020 22:04

Anyone any ideas about this drifting off its August highs..114?

[saltaire111] 06/8/2020 07:37

Another positive update. No impact from Covid. Well done Civitas!

Salty

[quiggers3112] 30/6/2020 15:59

Yesterday, PE was 28. 24 share price was 107. 6 Making EPS 0.038214. On Shares Outstanding of 622.10m gives est. future earnings of 23.7m.
This morning`s results come in and earnings are 37.7m up 59% on 2019 . share price is now 110 and EPS is 6.06p that makes PE now only 18.15.
The earnings are up 59% but the PE is down from 28.2 to 18.15?
Huh....?

[saltaire111] 30/6/2020 08:04

Fabulous results.

Salty

[saltaire111] 11/5/2020 11:25

Nice update. 100% rent in the bag - just shows the resilience of this ‘boring’ stock!!

Salty.

[george stobbart] 11/5/2020 10:06

100% rent collected, 100% dividend covered, Dividend increased in line with inflation, NAV increased as well. Plenty of cash on the BS for new acquisitions.

All looks good for now

[spectoacc] 30/3/2020 18:56

Good spot. Quite a turnaround for a stock that looked to be stymied by regulatory changes at one point.

[george stobbart] 30/3/2020 15:43

Civitas is positive YTD incl todays performance.

One of the few survivors of the corona crash.

[spectoacc] 20/3/2020 07:22

Correct - collar & cap, common clause. Not ideal if stagflation is (inevitably) around the corner. But better than many.

[grim] 19/3/2020 20:41

from today's rns what does this mean? 'The Properties are subject to long-term leases with rents adjusted annually in line with CPI over the full-term and are subject to a lower limit of inflation of 0% per annum and a maximum indexation of 4% per annum.' So, if CPI is 5%+ then rent increases are limited to 4%?

[1olddog] 26/2/2020 18:42

I’m with you George. Good buying opp IMO.

[george stobbart] 26/2/2020 13:05

buying the dip here

coronavirus surely won't affect people with mental disabilities live at social homes

[saltaire111] 21/2/2020 13:40

Not into charts but the shape of the current chart is really encouraging. This could really start motoring if it convincingly breaks through £1.00.

[davebowler] 29/1/2020 10:39

Liberum;
Civitas Social Housing

Improving housing association diversification

Mkt Cap £605m | Prem/(disc) -9.4% | Div yield 5.4%

Event

Civitas Social Housing's NAV per share increased by 0.3% to 107.6p at 31 December 2019, resulting in a 1.5% NAV total return for the quarter.

Dividend cover for the quarter was steady at 0.87x based on EPRA earnings. The run-rate on dividend cover is now 0.97x based on the annualised rent roll at the quarter end. Lease indexation events were in line with targets for the quarter.

The net initial yield on the portfolio (based on individual asset valuations) has remained stable at 5.29% (September 2019: 5.28%). We note the company's exposure to Westmoreland Supported Housing has reduced to 6.4% from 10.8% at 30 September 2019. Leases have been reassigned to other partner housing associations.

Civitas has drawn part of the new £60m five-year debt facility with National Westminster Bank. The facility is expected to be fully drawn shortly. Near-term investments include the high-specification properties in Wales to provide high-acuity care for a number of conditions. These properties are being acquired on completion of the development. The pipeline of potential opportunities includes a number of investments from property-owning specialist care providers.

Liberum view

NAV performance was in line with expectations for the period. We expect acquisition activity to pick up in the coming quarters which should lead to full dividend cover for FY 2021. We forecast dividend cover of 0.92x in FY 2020 (March year-end), rising to 1.03x in FY 2021 as new acquisitions come through. We forecast £140m of acquisitions by March 2021 and we expect the dividend to be fully covered on a run-rate basis from Q1 2020.

Sentiment towards the sector improved materially in the final quarter of 2019. The fundamentals of the asset class remain strong based on current needs and this is expected to rise over the coming years. We believe the discount will continue to narrow in 2020 as the sector matures and demonstrates the sustainability of the income profile. Civitas has been one of the key stakeholders involved in implementing initiatives to ensure the long-term sustainability of the sector. These include force majeure clauses in the leases, assisting housing associations with governance changes and board appointments and supporting the establishment of a not-for-profit community interest company to bring greater resource and expertise to housing associations. On a portfolio level, Civitas has also been working on increasing the amount of the portfolio that is supported by 25 year back-to-back care provider leases (30% of portfolio) and also investing in higher acuity care facilities.

[spangle93] 17/1/2020 17:48

Edison sheet issued today

[saltaire111] 17/1/2020 09:18

There goes £1.00. Really starting to break out.

Salty

[george stobbart] 14/1/2020 17:02

no link, just speculation

[shauney2] 14/1/2020 16:42

Any link to that comment George?

[george stobbart] 14/1/2020 16:23

Takeover chatter, interested party is M&G