Town Centre Securities


£107.2m market cap

202p last close

Town Centre Securities is a UK REIT focused primarily on 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.

Investment summary

Town Centre Securities (TCS) will release its results for the year ending 30 June 2019 (FY19) on 24 September. Despite the tough retail environment, in a trading update the company states that the year ended in line with expectations. We expect a robust recurring earnings performance and an unchanged but fully covered and attractive dividend yield. The year saw continuing progress with the strategy of repositioning the portfolio away from retail and recycling capital into more attractive opportunities, including the group’s significant pipeline of development opportunities.

Y/E Jun
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 19.4 13.8 7.0 13.2 15.3 5.9
2018A 19.3 13.6 6.9 13.0 15.5 7.5
2019E 20.1 13.4 6.4 12.1 16.7 7.4
2020E 20.4 13.6 6.6 12.4 16.3 7.2
Industry outlook

The supply demand balance for regional office and industrial property remains generally firm, and a positive yield spread between the regions and London offers potential for further narrowing. Parts of the retail sector are displaying clear signs of stress.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net debt (£m) 173.3
Forecast gearing ratio (%) 90
Price performance
Actual (2.4) (5.2) (29.4)
Relative* (3.5) (5.6) (27.4)
52-week high/low 286.0p/199.0p
*% relative to local index
Key management
Edward Ziff Chairman & Chief Executive
Mark Dilley Finance Director