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EJFI

Ejf Investments Ltd

110.50
0.00 (0.0%)
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Share Name Share Symbol Market Type Share ISIN Share Description
Ejf Investments Ltd LSE:EJFI London Ordinary Share JE00BF0D1M25 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
Upgrade Icon
  0.00 0.0% 110.50 5 08:00:22
Bid Price Offer Price High Price Low Price Open Price
104.00 117.00 112.50 110.50 110.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trust,ex Ed,religious,charty 18.00 14.26 23.30 4.80 67.57
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:00 O 5 117.00 GBX
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Ejf Investments (EJFI) Latest News

Ejf Investments News

Date Time Source Headline
25/5/202309:14UKREGEJF Investments Ltd Quarterly Report
24/5/202307:00UKREGEJF Investments Ltd Net Asset Value and Portfolio Update
18/5/202317:22UKREGEJF Investments Ltd Notice of AGM
26/4/202315:13UKREGEJF Investments Ltd Dividend Declaration
25/4/202317:12UKREGEJF Investments Ltd Dividend Declaration
25/4/202307:00UKREGEJF Investments Ltd Net Asset Value(s)
05/4/202307:00UKREGEJF Investments Ltd Appointment of Joint Corporate Broker
31/3/202318:49ALNCNewsEARNINGS UPDATES: Mila narrows loss; Pantheon collects revenue
31/3/202307:00UKREGEJF Investments Ltd Annual Financial Report to 31 December 2022
29/3/202318:31ALNCNewsTRADING UPDATE: Panthera raises funds, AdEPT takeover clears hurdle

Ejf Investments (EJFI) Discussions and Chat

Ejf Investments Forums and Chat

Date Time Title Posts
26/5/202309:41EJF Investments15
21/2/201810:44EJF Investments2

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Ejf Investments (EJFI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
15:35:01117.0055.85O

Ejf Investments (EJFI) Top Chat Posts

Top Posts
Posted at 26/5/2023 09:41 by davebowler
Liberum ;
+1% underlying portfolio return in April before FX
Analyst: Shonil Chande

Mkt Cap £68m | Share price 110.5p | Prem/(disc) -36.6% | Div yield 9.7%

Event

EJF Investments NAV per share of 174.2p, as at 30 April 2023, represented a -0.2% NAV total return in the month. FX was the main drag in April, with 0.9% impact. This impact was partially offset by EJFI's hedging of c.57% of its USD exposure. The underlying portfolio return was +1.0%, led by a 111bps impact by securitisations & related investments. EJFI's YTD NAV TR to 30 April 2023 was -3.9%.



Liberum view

In our view, EJFI remains well-positioned within the context of the US banking market given the distinctions between regional and community banks compared to the likes of SVB EJFI adds a further level of diversification within its portfolio, which includes 260 US banks and 113 insurance companies, of which 162 US banks and 41 insurance companies were unique issuers. The largest exposure to any single bank is 3.1% of the underlying principal across the risk retention deals.
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Posted at 29/3/2023 14:37 by cc2014
That RNS seems to have sorted out the share price.
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Posted at 29/3/2023 09:13 by davebowler
Liberum;
EJF Investments

Additional disclosure should reduce fears
Analysts: Shonil Chande and Nick Anderson

Mkt Cap £66m | Share price 107.5p | Prem/(disc) -41.3% | Div yield 10.0%

Event

EJF Investments provided an update with respect to its exposure to US regional banks, which we summarise as follows:


Community banks versus SVB/Signature/Silvergate, and regional banks

The manager notes that community banks with less than $50bn in assets generally have more secure and less monoline deposit bases than SVB/Signature/Silvergate, and regional banks.

EJFI primarily invests in the securitisations of debt issued by smaller US banks, aiming to take advantage of regulatory and structural changes within financial services. The securitisations contain subordinated debt where the weighted average credit rating of the collateral pools is typically BBB-/BB+.

Regulatory changes likely

In the manager's view, recent events will drive more regulatory changes, which it believes will speed up consolidation as costs attributable to risk and compliance increase. Community banks account for a significant portion of US lending, representing c.55% of commercial real estate loans, and 20-30% of residential real estate loans, commercial and industrial loans, and consumer loans. Community and medium-sized banks also benefit from broad bipartisan support.

Liberum view
EJFI's shares declined by 13% from when SVB Bank's crisis came to the fore on 10 March to 28 March (+4.7% today at the time of publication). This announcement should address some of the wider concerns, in our view. With respect to the SIlvergate, EJFI previously noted that the mechanics of securitisations mean the exposure (<2.5%) does not automatically correspond to an equivalent write-down in NAV.
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Posted at 09/11/2022 15:47 by apollocreed1
Yeah... Seems to be a very safe yield. US banks are in very good financial condition. But my worry is that their holdings are within the category of "corporate bonds" which lose value as interest rates rise, so no matter how great the credit quality, there's a headwind exerting downward pressure.

It would have done even better if ejfi hadn't hedged their dollar exposure back to GBP.
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Posted at 02/9/2022 14:07 by cc2014
Over a year since I last posted. Bought some more today.

There seems to be an endless supply of stock at 120p which is good because I've bought some but bad because I suspect the share price will remain stuck here.

I'm happy to collect the dividend while I wait.
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Posted at 19/2/2021 09:33 by davebowler
hTTps://www.ejfi.com/media/1491/2021-01-31-ejfi-performance-report-january-2021.pdf
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Posted at 26/4/2018 18:58 by rambutan2
AR to 31/12/17 and illustrating a v good year:

htTps://www.ejfi.com/media/1129/ejfi-final-draft-for-website.pdf
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Posted at 21/2/2018 10:44 by davebowler
Liberum;

EJF Investments (Mkt Cap £90m)

8% gain in January on market expansion

Event

EJFI Investments' (EJFI) January 2018 NAV per share was 171p, representing a monthly gain of 8.28% mainly due to the sale of two securities for a gain of c. £7.3m, which generated total sale proceeds of c. £15.8m. These REIT trust preferred securities (TruPS) CDO bonds started to receive cash flows in January, driving the valuation uplift that allowed EJFI to sell them as the secondary market continues to expand.The rest of the portfolio performed in line with expectations.

In January, the Directors of EJFI declared the fourth quarter dividend of 2.5p per share (c. $0.03/share), an increase over last quarter’s dividend of 2.4p per share. The total dividend declared for full year 2017 was 9.7p per share. The 7.1% annualised dividend yield is higher than the initial target dividend of 6% p.a. driven by the company’s robust performance. EJFI is targeting an annual dividend of 10.0p per share for the financial year to 31 December 2018.

During the month, the EJFI announced its intention to raise new capital under the company’s placing programme*. EJFI is seeking to raise £50m via a placing of new shares.

Liberum view

The TruPS sector continued to perform strongly in January as LIBOR moved up approximately 5% in the month to 1.78%. Five issuers redeemed their TruPS in January, one of which was held within EJFI’s TFINS 2017-1 position.

There were 19 M&A deals in the U.S. banking sector in January at increased valuations (median P/TBV 19.1% higher year-over-year). We expect deal activity to remain robust driven by increasing interest rates, changing regulatory environment and positive U.S. economy.

As LIBOR continues its upward trajectory further consolidation within the smaller U.S. banks should occur driving increased prepayment activity in EJFI's securitisation exposures and higher returns. The company is trading at a 3.5% discount to NAV and has a current yield of 6.1%.

*Liberum is acting as sole bookrunner in relation to the placing.
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Posted at 22/1/2018 09:20 by davebowler
Liberum;

EJF Investment’s (EJFI) NAV per share at 31 December 2017 was 158p, representing a monthly gain of 2.53%. On 18 January 2018, EJFI sold two REIT TruPS CDO securities for a gain of £7.3m which generated total sale proceeds of £15.8m. The gain attributed c.12p per share to the December 2017 NAV (7.6% NAV uplift).

In January, the Directors of EJFI have declared a final dividend of 2.5p per share in respect of the quarter ending 31 December 2017. It represents an increase of 0.1p per share over the last dividend. It is a 7.1% dividend yield on the NAV at inception and over the initial target dividend of 6% p.a. The total dividend YTD amounts to 9.7p per share.

Liberum view

We estimate a pro-forma NAV based on the gain from the two REIT TruPS CDO securities of 170p per share, a 7.6% increase over December's NAV. We expect the proceeds to be deployed in securitisations and related investments. EJFI provides shareholders a portfolio that is best positioned to benefit from tailwinds from rising interest rates, changes in regulations of small U.S. banks and significant tax cuts. We believe the significant tailwinds supporting EJFI's performance will continue and even intensify in 2018.

EJFI is trading a 8.2% discount to its pro-forma NAV and has a current yield of 6.2%.
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Posted at 21/12/2017 10:07 by davebowler
Liberum;
Another strong month on positive developments for U.S. small banks

Event

EJF Investments' (EJFI) NAV per share as at 30 November 2017 was 154p, a 0.59% monthly gain based on continuing robust portfolio performance. During the month, the company made a new $7.5m investment in a 10-year subordinated bond issued by a $1.4bn asset U.S. bank. EJFI's YTD 2017 NAV total return is c. 20%.

Liberum view

EJFI had another strong month. The three main tailwinds continued to have positive impact on cash flows and the credit quality of the underlying assets. U.S. banking deregulation, rising interest rates and corporate tax cuts all had very positive developments in November and December.

In November, the draft Regulatory Relief Bill (the bill) was introduced by U.S. senators. The bill includes provisions to raise SIFI (Systemically Important Financial Institution) threshold immediately to $100bn from $50bn of assets currently and for the Small Bank Holding Company Policy Statement to raise the threshold level to $3bn of assets from the current $1bn of assets and allow small banks to issue subordinated debt and receive Tier 1 treatment at their bank subsidiary. Market participants consider the deregulation of small U.S. banks a real possibility after similar suggestions were made by the US Treasury, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency that in June 2017 proposed to effectively freeze all Basel III implementation for banks with less than $250bn of assets.

U.S. tax reforms which have been passed provide for the reduction of the corporate tax rate from 35% to 21% between 2019 and 2025. This is highly significant for U.S. community banks and insurance companies and should enable them to improve capital levels, continue to make strategic acquisitions,and/or engage in capital management.

At the same time, the Fed raised rates by 25 bps, the third rate increase this year. Market participants expect two or three rate increases in 2018. We believe that the level of M&A activity will continue to be high and may increase in the near term due to the changing regulatory environment and continued positive U.S. banking trends.

EJFI is trading at a 0.3% premium to NAV and the current yield is 6.2%.
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Ejf Investments share price data is direct from the London Stock Exchange
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