Circle Property (CRC)

Business description

Circle Property is an AIM-quoted property investment company focused on UK office buildings outside London. It seeks to increase capital value by refurbishing and re-leasing assets in areas with high demand, and has a progressive dividend policy.

Stock data

Market cap.£44.4m
Last close155.50p
High / Low (52 weeks)157.0p / 148.0p
Stock market listingLN
Forecast net debt (£m)43.8
Forecast gearing ratio (%)74
TeamInvestment Companies
SectorInvestment Companies

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Company news

Circle Property's hand-picked portfolio proves its worth

Mon, 25 Sep 2017 10:05:59 GMT

Circle Property encouraging occupancy through competitive rents

Fri, 15 Sep 2017 15:12:36 GMT

Circle Property PLC (CRC) Rise 1.8% on Nov 19

Sun, 19 Nov 2017 12:11:15 GMT

Are Circle Property Plc's (AIM:CRC) Interest Costs Too High?

Tue, 14 Nov 2017 15:00:00 GMT

Should You Buy Circle Property PLC (AIM:CRC) At This PE Ratio?

Tue, 10 Oct 2017 18:22:30 GMT

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 1.1 N/A 1.1 2.30 67.6 73.3
2017A 4.4 N/A 10.0 3.14 49.5 N/A
2018E 4.9 N/A 9.1 5.36 29.0 17.0
2019E 5.8 N/A 4.3 8.18 19.0 11.1

Last updated on 27/10/2017

Investment summary

Circle Property’s recent trading update ahead of December’s interim results prompts us to revise our forecasts. 11% growth in the portfolio value to £103.5m, reflecting asset management progress rather than valuation yield, takes NAV per share to more than 200p. Circle also reports letting progress and lease renewals across the portfolio, including at recently refurbished assets. The latter have the potential to drive earnings and valuation significantly higher. Even before that, the shares trade at a hefty 24% discount to FY18e NAV and yield of more than 3%.

Last updated on 27/10/2017

Industry outlook

Regional occupier demand is generally firm, driven by continuing economic growth and business relocation away from London, while new supply remains limited. Meanwhile, the yield spread between the regions and London remains historically wide at c 2%, compared with a 2008 market peak of c 0.5%, representing a clear potential for narrowing.

Last updated on 03/10/2017

Key management

John Arnold, Chief Executive
Edward Olins , Chief Operating Officer

Company address

c/o Consortia Partnership Limited
Standard Bank House, 47-49 La Motte Street, Jersey
JE2 4SZ
United Kingdom
02079308503
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