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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.£136.6m
Last close257.00p
High / Low (52 weeks)315.0p / 252.0p
Stock market listingLN
Forecast net debt (£m)180.9
Forecast gearing ratio (%)89

Price performance

Relative *0.6(2.4)(11.7)

* % 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)
2017A 19.4 N/A 7.0 13.2 19.5 10.1
2018A 19.3 N/A 6.9 13.0 19.8 7.5
2019E 20.5 N/A 6.8 12.9 19.9 9.6
2020E 20.9 N/A 7.2 13.5 19.0 8.3

Last updated on 12/10/2018

Latest research

Investment summary

Town Centre Securities (TCS) continued to reposition its portfolio in FY18, seeking to ensure a resilient income stream and unlock future growth potential. Underlying earnings were robust, supported by like-for-like rental growth, a good level of occupancy and further growth in car parking revenues and profits. Refinancing has provided significant additional financial flexibility as TCS continues to invest for future growth, and the DPS was increased 2.2% to 11.75p, representing a yield of 4.7%, while the shares trade at a significant discount to NAV per share of more than 30%.

Last updated on 12/10/2018

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, and offers potential for further narrowing.

Last updated on 28/09/2018

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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