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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.£58m
Last close203.00p
High / Low (52 weeks)230.0p / 154.0p
Stock market listingLN
Forecast net debt (£m)48.8
Forecast gearing ratio (%)75
TeamProperty
SectorProperty

Price performance

%1m3m12m
Actual(1)4.130.6
Relative *(0.1)5.026.0

* % Relative to local index

Other companies in sector Show

Company news

Circle Property signs 15-year lease with BE Offices for its Somerset House ...

Mon, 14 May 2018 07:14:41 GMT

Circle Property signs 15-year lease with BE Offices for its Somerset House

Mon, 14 May 2018 07:07:30 GMT

Circle Property buoyed by demand for good commercial property

Thu, 26 Apr 2018 08:58:25 GMT

Circle Property's hand-picked portfolio proves its worth

Mon, 25 Sep 2017 10:05:59 GMT

'There's more in the locker', says Circle Property CEO after another strong year

Fri, 04 May 2018 14:03:45 GMT

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2017A 4.4 2.3 10.0 3.1 65.5 94.7
2018A 5.5 3.2 14.0 9.0 22.6 N/A
2019E 6.8 4.4 10.0 9.5 21.4 18.1
2020E 7.7 5.3 5.9 11.7 17.4 11.9

Last updated on 26/07/2018

Latest research

Investment summary

FY18 performance was strong, driven by asset management, and reflected in lettings success at recently completed refurbishments. NAV total return was 28.3% reflecting 25% growth in NAV per share from 183p to 230p and increasing dividends (full year DPS declared +12% to 5.6p). Contracted rents increased 21% to £6.9m in FY18 and further significant letting progress since year-end adds an additional c £800k. Material income upside to an estimated rental value of £9.9m remains, with around half of the upside represented by two recently refurbished assets for which advanced leasing negotiations are underway. We look for leasing progress to have a further positive impact on income, valuations and NAV during this year and next, reflected in our increased estimates.

Last updated on 27/07/2018

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, representing a clear potential for narrowing.

Last updated on 27/07/2018

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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