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Share Name Share Symbol Market Type Share ISIN Share Description
Real Estate Credit Investments Limited LSE:RECI London Ordinary Share GB00B0HW5366 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 0.38% 130.50 130.00 131.00 132.00 129.50 130.50 442,449 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -17.4 -8.7 - 299

Real Estate Credit Inves... Share Discussion Threads

Showing 1626 to 1650 of 1725 messages
Chat Pages: 69  68  67  66  65  64  63  62  61  60  59  58  Older
DateSubjectAuthorDiscuss
07/7/2020
06:05
Factsheet Announcement.
skinny
06/7/2020
20:09
....and holding
badtime
06/7/2020
20:09
Still holing from low 100's
badtime
06/7/2020
16:20
Well thats me back in today
my retirement fund
04/7/2020
07:44
Agreed. Went XD on Thursday of course; but now on a 10% yield and again looking good value.
skyship
02/7/2020
20:30
Coming back into my cross hairs again
my retirement fund
25/6/2020
14:38
Thanks Dave, adds a nice bit of ballast to my portfolio, wllm
wllmherk
25/6/2020
10:04
Thanks as ever db, much appreciated.
cwa1
25/6/2020
09:52
Liberum- Defensively positioned Mkt Cap £296m | Prem/(disc) -13.5% | Div yield 9.3% Event RECI's NAV per share at 31 March 2020 was 147.0p (previously published), reflecting a NAV total return of -3.7% for the year. NAV rose by 1.4% in the two-month period to May 2020. They key driver of NAV decline was a significant mark-to-market valuation impact during March (10.1% NAV decline during March). This was mainly due to unrealised mark-to-market movements on the bond portfolio (10.1p). The manager has undertaken an evaluation of the portfolio with an assessment of the impact of the crisis on the recovery of each position. Two mezzanine loan positions were also written down in March as a result of this (7.1p NAV reduction). The portfolio comprises 48 positions across loans and bonds. The weighted average LTV across the portfolio is currently 63%. The majority of the portfolio is in bilateral loans and bonds (80% of total). In the majority of cases, RECI is the only lender in the structure, providing greater control in challenging situations. The public market bonds now account for 20% of the portfolio value and mainly comprises senior secured investments (56% weighted average LTV). The expected yield to worst on the bond portfolio is 8.2% after adjusting for expected extensions to the bond maturity dates Gearing has reduced considerably in 2020 as the manager has sought to de-risk the liquidity profile. Gearing has declined from £97m to £53m in the three months since the end of February. This was funded by disposals of liquid bonds and the use of existing cash resources. The net gearing ratio was 7.2% of NAV at 31 May 2020. Liberum view The company’s recent portfolio update has provided further evidence of the strength of the loan book and its ability to withstand the current downturn. All of the cash paying loans are up to date with interest payments. We believe the shares still offer upside from current levels given the defensive positioning in senior loans. The average LTV across the portfolio offers substantial downside protection against weakness in valuations. The portfolio is now concentrated on senior loan and bond investments (76% of the portfolio) as the manager has adopted a cautious position over recent years. RECI has reiterated its intention to maintain an unchanged dividend policy for the next 12 months, suggesting considerable confidence in the quality of the underlying loan collateral and borrowers. The underlying borrowers are typically well-capitalised institutions with significant operational and financial resource.
davebowler
10/6/2020
07:37
Liberum; Note: Attractive risk/reward characteristics Mkt Cap £303m | Prem/(disc) -11.5% | Div yield 9.1% Event RECI’s recent portfolio update illustrated the manager’s conservative underwriting approach and the robust nature of the portfolio. The weighted average LTV of 63% offers considerable protection against weakness in capital values. RECI typically partners with well-capitalised and experienced borrowers, providing an additional layer of protection. The unchanged dividend guidance for FY 2021 demonstrates a confident outlook. BUY
davebowler
05/6/2020
07:54
Liberum; Event Real Estate Credit Investments' NAV per share at 31 May 2020 was 149.1p, reflecting a NAV total return of 1.0% in the month. NAV performance benefited from mark-to-market gains on the bond portfolio (0.9p) in addition to interest income (0.6p). Investment activity was limited during the month with £0.7m of drawdowns to fund existing loan commitments. Gross leverage has remained broadly unchanged at £53.1m (15.5% of NAV). Cash on the balance sheet at the end of the month was £28.5m, resulting in a net debt to equity ratio of 7.2%. RECI’s £359m portfolio has been assembled with a focus on capital preservation and is diversified across 48 positions. The portfolio now has a weighted average LTV of 63% and the weighted average unlevered yield is 9.2% (10.2% levered). Liberum view RECI's share price has recovered strongly since the company presentation in mid-May. We believe the shares still offer upside from current levels given the defensive positioning in senior loans. The average LTV across the portfolio offers substantial downside protection against weakness in valuations. The company's intention to maintain the dividend payout at the current level for the next 12 months is reassuring and indicates the manager has considerable confidence in the quality of the underlying loan collateral and borrowers. The uplift in the bond portfolio represents a small recovery against the 8.9p of mark-to-market losses in March and April. At 30 April, the bonds were valued at a 17.3% discount to par. The bonds are primarily senior secured with relatively conservative LTVs (56.2% LTV). The underlying collateral largely comprises income-producing core assets owned by large institutional borrowers.
davebowler
05/6/2020
06:04
Factsheet 31 May 2020.
skinny
01/6/2020
14:35
Should get to 144 just on not trading at a discount. Income is still tremendously attractive and so it could even go to something of a premium. I'm not selling what is circa 10% of my portfolio at 0% discount as the income north of 8% is not replaceable.
hpcg
01/6/2020
11:37
Good to see continued progress on the sp
badtime
30/5/2020
11:50
Thanks for posting robow
johnroger
30/5/2020
09:04
here it is in full Questor: this fund is less risky than it looks and its 10pc yield gives our income a nice boost Questor Income Portfolio: we’ve had to go back to property but this investment trust invests cannily in debt rather than bricks and mortar By Richard Evans The managers of Real Estate Credit Investments are working with borrowers to limit Covid damage Last week we took the reluctant decision to sell Next. We felt we could not afford to own shares in a company that had suspended its dividend at a time when our portfolio’s overall income was below target. And, as we said in one of our mini-podcasts to the Questor WhatsApp group, we should judge the portfolio’s estimated income for the year, £23,500, against an inflation-adjusted figure rather than the headline £25,000 – the figure derived from our target yield of 5pc on the £500,000 notionally invested at the outset in 2016. Our true income target this year, if we are to keep pace with the rise in the cost of living, is £27,500. This leaves the £23,500 figure 15pc short. Getting some income from the £11,340 realised from the sale of Next (we invested £10,000 in January 2017) would go some way to closing the gap. In choosing a home for this money, we seek a high yield alongside good prospects for income security. The latter is in short supply at the moment: hundreds of companies have cut or suspended their dividends as a result of the pandemic. We have had to fall back once more on the sector in which a large proportion of this portfolio is already invested: property. This time, however, in an attempt to get some diversification, we are choosing a property debt fund This means that, rather than owning buildings and receiving rent, the fund, Real Estate Credit Investments, lends to property-related firms such as housebuilders, hotel chains and owners of student housing. Hold on, you say: surely those are some of the very sectors most severely affected by the lockdown? Is there not a huge risk that such borrowers will be unable to make their loan repayments to the fund because their own income has dried up? At first sight, perhaps – and certainly some investors take that view, to judge by the 10pc that this trust now yields. But a closer look at how its investments are actually managed, and how they are performing now, in the midst of the closure of most of the retail and hospitality sectors, paints a different picture. When we first tipped this trust, in October 2017 for our Investment Trust Bargain format, we described the management team’s experience and nous in finding pockets of value in parts of the commercial property market no longer served by traditional lenders such as banks. The circumstances may have changed but the investment team behind the trust, which numbers 32 people at Cheyne Capital, the management firm, still have the expertise and agility to navigate the Covid-19 crisis not just so that damage is limited but with an eye to opportunities thrown up by dislocation in the markets, Questor believes. An update that Cheyne published earlier this month included much to reassure investors. It has already written off one asset that it believes to be at risk, at a cost of 1.6p per share, while a loan to a housebuilder has been reduced in value by 58pc, or 5.5p a share, on the trust’s books. A 9.7pc reduction in the value of its bond portfolio accounts for another 8.9p per share. All these losses are notional, as the assets concerned have not actually been sold, but sales that have taken place account for a 2.1p per share loss. All told, the fall in value is 18.1p a share. The current net asset value is 147.6p a share. The manager also set out in detail how it was seeking to preserve its income in the long term by working with its borrowers to see them through the crisis. These plans are all well and good but the proof of the pudding is in the dividend. Reassuringly, the trust announced, alongside its update, a quarterly divi of 3p a share. It reiterated its intention “to pay a stable quarterly dividend” and said the “cash forecasting and stress scenarios” outlined in the update “give us the confidence that the company can maintain its dividend cash coverage”. A quarterly divi of 3p means an annual total of 12p. At the current share price of 120p that represents a 10pc yield. Questor sees that as more than adequate recompense for the risks involved. At that rate, the fund will pay us £1,134 a year, which will take the portfolio’s estimated total to £24,634 or 90pc of our inflation-adjusted target. Questor says: buy Ticker: RECI Share price at close: 120p
robow
29/5/2020
10:21
Good point
badtime
29/5/2020
09:57
Chart is not behind the paywall though is it!! The URL tells you the contents, and the rest you know already what with being quicker off the mark than a daily newspaper and its readers.
hpcg
29/5/2020
09:55
Thanks for the link.
skinny
29/5/2020
09:35
Unfortunately that's behind a pay wall
badtime
29/5/2020
08:13
hTTps://www.telegraph.co.uk/investing/shares/questor-fund-less-risky-looks-10pc-yield-gives-income-nice-boost/
davebowler
29/5/2020
02:21
Tipped today in the Telegraph
pejaten
22/5/2020
15:18
10K Director purchase
my retirement fund
22/5/2020
07:54
Stifel- RECI – Transparency and update helpful Last week RECI released a thorough review of the portfolio in light of the coronavirus pandemic and the historically wide discount at which the fund had been trading. The additional transparency is helpful as that does help lift some of the cloud surrounding the sector. Leverage. While the episode could have been handled better, we think the fund is moving in the right direction. Out of the four repo lines in use one is likely to be extended from three months to six months. In addition, the leverage structure will be amended to a balance between repo and individual facilities on bilateral loans. In practice this means that a bilateral loan may be leveraged on a discrete basis without recourse to the remaining fund. While this is marginally more expensive it is more conservative than a fund wide facility and we think it’s the right thing to do going forward. Portfolio. The update is largely positive, with loan to values on the remaining portfolio outside of the two writedowns being low. Some of the development loans are also partially de-risked due to being pre-let or sold. Roughly 50% of the portfolio is repaying capital and interest so this should continue to de-risk the fund. Excess cash. The fund has a number of prepayments due in the coming months. There is a question over whether this should be used to help narrow the discount (buyback or capital return) or continue to re-invest. The current environment should provide plentiful opportunities to re-deploy capital at attractive rates of return and as long as this persists we would prefer a manager that can actively invest. For medium- to long-term shareholders this should lead to an overall better return as it is counterintuitive to reduce deployment at the exact moment when investments are potentially the most attractive. A balance between the two objectives may be the best path forward if the discount to NAV remains wide relative to peers. (Analyst: Sachin Saggar).
davebowler
22/5/2020
07:45
Indeed. I thought the target looked like 120p as per the previous spike; but these days I'm inclined, as ever, to bank turns and move on. Where to is the problem all of us are having it would seem.
skyship
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