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.£47.8m
Last close167.50p
High / Low (52 weeks)167.5p / 150.5p
Stock market listingLN
Forecast net debt (£m)44.3
Forecast gearing ratio (%)73
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 assets climb as refurbishments and locations prove worth

Thu, 07 Dec 2017 10:41:15 GMT

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

Tue, 10 Oct 2017 18:22:30 GMT

Is The Needle Ready to Move For Circle Property Plc (CRC.L)? Shares tick 0.00

Fri, 29 Dec 2017 12:11:15 GMT

Circle Property schedules AGM

Mon, 04 Sep 2017 07:41:15 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 72.8 78.1
2017A 4.4 N/A 10.0 3.14 53.3 N/A
2018E 5.2 N/A 10.2 7.03 23.8 18.7
2019E 5.9 N/A 6.5 8.57 19.5 11.9

Last updated on 10/01/2018

Investment summary

Circle Property’s recent interim results show asset management initiatives continuing to drive operational progress, delivering strong growth in rental income and cash earnings, and lifting portfolio valuations. Letting progress has continued in H218, including at recently refurbished assets, but significant reversionary potential remains and capital values remain low. We are raising our estimates again but continue to see potential for further upside from faster letting of refurbished assets than we have assumed. Even before that, the shares trade at a hefty 25% discount to FY18e NAV with a yield of more than 3%.

Last updated on 10/01/2018

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 13/12/2017

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
United Kingdom
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