Civitas social housing - profile image - 25062019 - JPG

Civitas Social Housing

LN: CSH

£525.4m market cap

84.4p last close

Civitas is the leading listed UK social housing REIT. Its investment objective is to provide an attractive level of income, with the potential for capital growth, from investing in a diversified portfolio of fully developed social homes, particularly specialist supported housing for vulnerable adults.

Investment summary

Civitas Social Housing’s FY19 results reflect the continuing strong growth in the company’s asset and income base. EPRA earnings more than doubled, and dividend growth is continuing with the company targeting a 6% increase in DPS to 5.3p for the current year. Acquisitions of £286m in in the year are yet to fully contribute, locking in further income growth, and we forecast an additional c £170m of acquisitions in the current year as the company gears its equity base towards its 35% target.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 18.6 N/A 36.9 1.44 58.6 N/A
2019A 35.7 N/A 19.9 3.63 23.3 N/A
2020E 50.3 N/A 38.6 5.25 16.1 N/A
2021E 56.8 N/A 54.7 5.86 14.4 N/A
Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net cash (£m) 341
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 3.9 (3.1) (17.7)
Relative* 2.8 (3.6) (15.4)
52-week high/low 114.0p/76.7p
*% relative to local index
Key management
Paul Bridge CEO
Graham Peck CFO