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RHM Round Hill Music Royalty Fund Limited

0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Round Hill Music Royalty Fund Limited LSE:RHM London Ordinary Share GG00BMXNVC81 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 1.145 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.145 USD

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Round Hill Music Royalty (RHM) Discussions and Chat

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Posted at 08/9/2023 21:19 by timmy40
Is that a wrap on this one or is there more to go, see the price narrow to NAV, not studied the RNS yet, but am a holder
Posted at 14/4/2023 17:19 by riverman77
Yes for the REITs I also look at the EPRA earnings yield as the primary metric, although NAV is still useful as it should give a rough indication of what the properties would sell for. However, I am much more sceptical of the NAV for SONG/RHM as no idea if the catalogues could actually be sold for what they're meant to be worth.
Posted at 13/4/2023 14:25 by hugepants
Yes depends on which NAV you use. I don't know enough about this so happy to use the significantly lower IFRS value. It looks cheap either way.

Todays RNS.

"The independent valuation that we have received from FTI Consulting supports our strong view that the Round Hill Music portfolio is significantly undervalued by the market and therefore offers considerable upside potential, as reflected in the organic growth that has been delivered since IPO.

SONG is the other one in this sector. SONG is flat ytd whereas RHM is -20%. Not had time yet to compare them yet
Posted at 20/12/2022 21:52 by rambutan2
Good update:

Josh Gruss, Founder and CEO of Round Hill Music LP, the Company's Investment Manager, commented:

"I'm delighted with the significant increase in NPS seen from the Company's portfolio's underlying catalogues. We continue to strongly believe in the positive fundamentals of the music industry despite the challenging macro environment and this update again points to the lack of correlation with the earnings of the asset class to equity market movements. There is much to be excited about as we head into the end of 2022 and we look forward to continuing to optimise these valuable assets through our active catalogue management to deliver a strong portfolio performance."
Posted at 25/9/2022 14:35 by pob69
Equity note from Goldmans

with a couple of references to RHM
Posted at 17/8/2021 09:03 by pob69
RHM new report from Edison

Initiation Report - Music and finance in harmony
Posted at 02/6/2021 01:01 by apollocreed1
The recent RNS shows that they have announced a dividend of $0.0075 for the quarter. So over 4 quarters that will be $0.03 cents. 3 cents on a share that's $1.06 is even less than a 3% yield. There are better yields available on other shares, including with Hipgnosis Songs Fund. Am I missing something here? E.g. Is there any chance the dividend will be raised?
Posted at 19/5/2021 08:45 by pob69
No figures in article and has no RNS as yet.

Who knows if it matters but the end of the article states;
"...In March, MBW reported that in Q4 2020, Round Hill Music equalled its best-ever market share performance for radio hits in the US.

According to Billboard data, Round Hill ranked at No.6 with a 3% share of the Top 100 most popular radio hits across all genres in the quarter – behind BMG (No.5), Warner Chappell (No.4), Kobalt (No.3), UMPG (No.2), and Sony Music Publishing (No.1)."
Posted at 11/3/2021 16:18 by jong
Does anyone know the likely annual yield / dividends etc. for RHM ?
Posted at 08/2/2021 21:51 by strollingmolby
RHM beats SONG on royalties disclosure

Another recent new issue, Round Hill Music Royalty Fund (RHM) already seems to be just about fully invested. At launch, it had a near-term pipeline valued at $363m, but raised $282m (£206m) of its $375m target at IPO on 11 November 2020. It has the ability to gear, or borrow, up to 25% of net asset value (NAV), but even with this it still would have been just shy of the amount needed to buy the entire pipeline. Fortunately, it was able to top up its cash pile with a placing of $46.6m worth of shares on 16 December.

Now RHM has put that money to work. It has bought the majority of the assets of a pre-existing fund, Round Hill One for about $282m and is in the process of acquiring a 29.1% stake in RH Carlin Holdings LLC, a fund that owns over 100,000 copyrights. Once that deal completes, RHM will have invested all of its IPO proceeds plus some gearing.

That puts it in a position to come back to investors for more money. RHM says it has a further pipeline of about $500m worth of catalogues of song rights. It could reasonably look to double in size.

Getting the money deployed means the income starts to flow and for RHM that will start to manifest itself as dividends next month. The target is an annualised dividend of 4.5% of the launch price for this year.

RHM’s announcement gave more information about the $282m Round Hill One portfolio. 18,000 songs across over 38 catalogues, a bias to older compositions (85% written between 1950 and 2010), and encompassing a diverse range of music from Aerosmith to Celine Dion, the Beatles to the Backstreet Boys, and Joni Mitchell to Ozzy Osbourne.

The really striking thing about RHM’s acquisition though, was just how much information they have disclosed to investors. Visiting the fund’s website, I was amazed to see actual annual revenue figures for each catalogue going back as far as 2011, a presentation detailing value creation initiatives for each catalogue and some useful information on how the portfolio was valued, including the news that it was written up in value from $266.3m to $281.9m over the first six months of 2020.

We have perhaps become conditioned to minimal disclosure by Hipgnosis Songs Fund (SONG), but RHM seems to have thrown down a gauntlet in this regard. Perhaps that’s why investors only bought £75m of new shares in its latest placing, although to be fair Hipgnosis was the largest investment company fund raiser last year, drawing in over £400m in two issues.
Round Hill Music Royalty share price data is direct from the London Stock Exchange

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