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HARDMAN & CO RESEARCH Hardman & Co Research: Real Estate Credit Investments (RECI): Getting a balanced view on outlook

Directive transparence : information réglementée

21/05/2020 08:30

Hardman & Co Research
Hardman & Co Research: Real Estate Credit Investments (RECI): Getting a balanced view on outlook

21-May-2020 / 07:30 GMT/BST


Hardman & Co Research: Getting a balanced view on outlook

We believe RECI's 21% discount to NAV reflects a reduction in investors' confidence, reflecting the uncertain outlook, security values and potential impairments. When considering if this discount is excessive, we note i) a relatively low-risk profile, ii) strong liquidity means RECI can optimise recovery returns, iii) restructuring is a core competency, iv) realised losses to date are just 2.1p, v) bond valuations are expected by RECI to be repaid at par, but priced at 17% below par, and vi) borrowers have been injecting equity into their deals. The stable 3p 4Q dividend and unchanged policy show confidence and re-investment returns rising.

 

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https://www.hardmanandco.com/research/corporate-research/getting-a-balanced-view-on-outlook/

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EC2M 1NH

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Contact:

Mark Thomas

+44 20 7194 7622

 

mt@hardmanandco.com
 

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About Hardman & Co: For the past 25 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.

 



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End of Announcement - EQS News Service

1052375  21-May-2020 

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