Circle Property PLC Edison issues outlook on Circle Property (CRC)
July 09 2018 - 7:00AM
RNS Non-Regulatory
TIDMCRC
Circle Property PLC
09 July 2018
London, UK, 9 July 2018
Edison issues outlook on Circle Property (CRC)
Circle actively manages its assets, placing an emphasis on total
returns rather than short-term income maximisation. With three
significant office refurbishments recently completed and in various
stages of letting, it continues to harvest the benefit in terms of
rising income and capital values, supporting growing dividends and
NAV. FY18 NAV total return was 28.3% and, since the February 2016
IPO, the compound annual total return has been 26.2% pa. With a
positive supply-demand balance in regional office markets
continuing, we believe there are more gains to come.
The shares have performed strongly over the past year,
particularly since the April trading update ahead of FY18 results,
to a large extent tracking the growth in NAV. Our revised forecasts
show further growth in NAV and DPS over the next two years, leaving
the shares at a c 20% discount to FY20e NAV and yielding 3.2% with
a well-covered dividend.
Click here to view the full report.
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