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HARDMAN & CO RESEARCH Hardman & Co Research: RM Secured Direct Lending (RMDL): Predictable revenue streams generating high yield

Directive transparence : information réglementée

05/06/2019 10:21

Hardman & Co Research
Hardman & Co Research: RM Secured Direct Lending (RMDL): Predictable revenue streams generating high yield

05-Jun-2019 / 09:21 GMT/BST


Hardman & Co Research: Predictable revenue streams generating high yield

THIS DOCUMENT IS NOT AVAILABLE TO 'U.S. PERSONS', NOR TO PARTIES WHO ARE NOT CONSIDERED 'RELEVANT PERSONS' IN THE UNITED KINGDOM, NOR SHOULD IT BE TAKEN, TRANSMITTED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, TO EITHER OF THESE CATEGORIES. SEE PAGE 3 FOR FURTHER DETAILS.

RM Secured Direct Lending (RMDL) offers investors an ongoing ca.6.5% dividend yield, whose sustainability is supported by multi-year assets, a rising revenue yield and economies of scale. Credit, we believe, is well controlled, and we provide readers with a detailed review of its assessment, monitoring and recovery. We believe the gearing level is appropriate, the investment manager's interests are aligned to shareholders, and that any discount will be actively managed. Like any lender, there are risks when the cycle turns; also, RMDL has some junior debt positions, and its book has shown a propensity to turn over, which in the future could see more external refinancing. The shares trade at a 3% premium to NAV. Please click here for the full report:

https://www.hardmanandco.com/research/corporate-research/predictable-revenue-streams-generating-high-yield/

To contact us:

Hardman & Co
35 New Broad Street
London
EC2M 1NH
www.hardmanandco.com
Follow us on Twitter @HardmanandCo
Contacts:

Mark Thomas

+44 20 7194 7622


mt@hardmanandco.com
 

Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.

About Hardman & Co: For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.



Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


End of Announcement - EQS News Service

819689  05-Jun-2019 

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