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

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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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