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Town Centre Securities (TOWN)

Business description

Town Centre Securities (TCS) is a UK Real Estate Investment Trust (REIT) operating across the UK, but with a regional focus, primarily in Leeds, Manchester, Scotland and (mainly suburban) London. It also has a car parking operation (CitiPark). The investment portfolio is intensively managed for income and capital growth.

Stock data

Market cap.£152.6m
Last close287.00p
High / Low (52 weeks)318.8p / 270.0p
Stock market listingLN
Forecast net debt (£m)186.9
Forecast gearing ratio (%)91

Price performance

Relative *0.8(4)(3.2)

* % Relative to local index

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Y/E Jun Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 18.6 13.7 6.6 12.4 23.1 11.3
2017A 19.4 13.8 7.0 13.2 21.7 8.4
2018E 19.7 13.7 6.9 13.1 21.9 10.8
2019E 20.0 13.7 7.3 13.7 20.9 10.3

Last updated on 25/06/2018

Latest research

A wealth of opportunities

Initiation | Financials | 17/04/2018

Future secure

QuickView | Property | 16/09/2009

Investment summary

TCS is a family run UK REIT with strong income focus and a 57-year record of increased or maintained DPS, intensively managing assets and recycling capital to drive returns. It operates across the UK, but with a regional focus, primarily in Leeds, Manchester, Scotland and (mainly suburban) London, with a complementary and growing car parking business. Contracts for the acquisition of an office building with car park, for £9m, in Manchester’s Piccadilly Basin regeneration area were recently exchanged, where TCS already owns a number of assets. Not yet included in our forecasts, the acquisition is expected to add £675kpa to gross income with potential for office refurbishment and car park development. This enhances a substantial existing pipeline of continuing development opportunities, for which management is exploring funding opportunities, with the potential to add materially to our forecast earnings and NAV over time.

Last updated on 29/06/2018

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 29/06/2018

Key management

Edward Ziff, Chairman & Chief Executive
Mark Dilley, Finance Director

Company address

Town Centre House, The Merrion Centre
United Kingdom
0113 222 1234
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