Ankündigung • Dec 10
Waypoint Asset Management completed the acquisition of The Prs Reit Holding Company Limited from The PRS REIT plc (LSE:PRSR). Waypoint Asset Management entered into non-binding heads of terms to acquire The Prs Reit Holding Company Limited from The PRS REIT plc (LSE:PRSR) for approximately £650 million on September 17, 2025. Waypoint Asset Management entered into a conditional agreement to acquire The Prs Reit Holding Company Limited from The PRS REIT plc from The PRS REIT plc (LSE:PRSR) on November 3, 2025. A cash consideration of £646.2 million will be paid by Waypoint Asset Management. As part of consideration, £646.2 million is paid towards assets of Portfolio of property assets of The PRS REIT plc.
The transaction is subject to consummation of due diligence investigation. The Directors intend to unanimously recommend that Shareholders vote in favour of the Resolution to be proposed at the General Meeting. As of November 27, 2025, the shareholders of The PRS REIT plc approved the transaction. The transaction is expected to close on or around December 11, 2025.
James Moat, Asha Chotai, James Todd and Patrick Weaver of Singer Capital Markets Limited acted as financial advisor to The PRS REIT plc. Aadhar Patel, George Dracup and Ian Hart of UBS AG, London Branch acted as financial advisor to Waypoint Asset Management. Computershare Investor Services PLC acted as Transfer Agent/Registrar to The PRS REIT plc. Guy Norfolk, James Vernon, Sarah Wylie of Dentons acted as legal advisor to The PRS REIT plc.
Waypoint Asset Management completed the acquisition of The Prs Reit Holding Company Limited from The PRS REIT plc (LSE:PRSR) on December 9, 2025. Ankündigung • Nov 05
the Prs Reit plc Declares an Interim Quarterly Dividend for the First Quarter of Year Ending 30 June 2026, Payable on November 28, 2025 The PRS REIT declared an interim quarterly dividend of 1.1 pence per ordinary share in respect of the first quarter (July-September 2025) of its current financial year ending 30 June 2026. The dividend will be payable on or around 28 November 2025, to shareholders on the register on 14 November 2025. The ex-dividend date will be 13 November 2025. Ankündigung • Nov 04
Long Harbour cancelled the acquisition of The PRS REIT plc (LSE:PRSR). Long Harbour signed a non-binding proposal to acquire The PRS REIT plc (LSE:PRSR) for approximately £630 million on June 11, 2025. Under the terms of the Possible Offer, shareholders in PRS REIT would be entitled to receive 115 pence per PRS REIT share in cash. Discussions with Long Harbour are ongoing. The Board of PRS REIT expects to provide a further update on the Formal Sale Process by the end of June 2025. The transaction is subject to due diligence and financing.
James Moat, James Maxwell and Asha Chotai Singer Capital Markets Limited acted as financial advisor for The PRS REIT plc.
Long Harbour cancelled the acquisition of The PRS REIT plc (LSE:PRSR) on November 3, 2025. In conjunction with entering into the Sale Agreement of portfolio of property assets, The PRS REIT plc announced the conclusion of the Strategic Review and the termination of the Formal Sale Process including Long Harbour and KKR. Accordingly, the Company is no longer deemed to be in an "offer period" as defined in the Takeover Code. Price Target Changed • Oct 29
Price target increased by 10% to UK£1.15 Up from UK£1.05, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of UK£1.12. The company is forecast to post earnings per share of UK£0.15 for next year compared to UK£0.14 last year. Reported Earnings • Oct 07
Third quarter 2025 earnings released: EPS: UK£0.028 (vs UK£0.058 in 3Q 2024) Third quarter 2025 results: EPS: UK£0.028 (down from UK£0.058 in 3Q 2024). Revenue: UK£16.8m (up 12% from 3Q 2024). Net income: UK£15.4m (down 51% from 3Q 2024). Profit margin: 92% (down from 211% in 3Q 2024). Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Ankündigung • Oct 07
The PRS REIT plc, Annual General Meeting, Dec 02, 2025 The PRS REIT plc, Annual General Meeting, Dec 02, 2025. Location: the offices of dentons uk and middle east llp, one fleet place, ec4m 7ra, london United Kingdom Buy Or Sell Opportunity • Sep 08
Now 23% overvalued Over the last 90 days, the stock has fallen 13% to UK£1.03. The fair value is estimated to be UK£0.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 14% in 2 years. Earnings are forecast to decline by 21% in the next 2 years. Buy Or Sell Opportunity • Aug 11
Now 20% overvalued Over the last 90 days, the stock has fallen 8.8% to UK£1.05. The fair value is estimated to be UK£0.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 14% in 2 years. Earnings are forecast to decline by 21% in the next 2 years. Declared Dividend • Aug 06
Dividend of UK£0.011 announced Shareholders will receive a dividend of UK£0.011. Ex-date: 14th August 2025 Payment date: 29th August 2025 Dividend yield will be 4.0%, which is lower than the industry average of 4.5%. Ankündigung • Jun 12
Long Harbour signed a non-binding proposal to acquire The PRS REIT plc (LSE:PRSR) for approximately £630 million. Long Harbour signed a non-binding proposal to acquire The PRS REIT plc (LSE:PRSR) for approximately £630 million on June 11, 2025. Under the terms of the Possible Offer, shareholders in PRS REIT would be entitled to receive 115 pence per PRS REIT share in cash. Discussions with Long Harbour are ongoing. The Board of PRS REIT expects to provide a further update on the Formal Sale Process by the end of June 2025.
James Moat, James Maxwell and Asha Chotai Singer Capital Markets Limited acted as financial advisor for The PRS REIT plc. Declared Dividend • May 08
Dividend of UK£0.011 announced Shareholders will receive a dividend of UK£0.011. Ex-date: 15th May 2025 Payment date: 6th June 2025 Dividend yield will be 3.6%, which is lower than the industry average of 4.5%. Price Target Changed • May 07
Price target decreased by 12% to UK£1.05 Down from UK£1.18, the current price target is an average from 2 analysts. New target price is 10% below last closing price of UK£1.16. Stock is up 46% over the past year. The company is forecast to post earnings per share of UK£0.12 for next year compared to UK£0.17 last year. Ankündigung • May 07
The PRS REIT plc Declares Interim Quarterly Dividend for the Third Quarter of the Fiscal Year Ending June 30, 2025, Payable on or Around 6 June 2025 The PRS REIT plc declared an interim quarterly dividend of 1.1 pence per ordinary share in respect of the third quarter (January-March 2025) of its current financial year ending 30 June 2025. The dividend will be payable on or around 6 June 2025, to shareholders on the register on 16 May 2025. The ex-dividend date will be 15 May 2025. Buy Or Sell Opportunity • Apr 08
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 2.4% to UK£1.09. The fair value is estimated to be UK£0.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 14% in 2 years. Earnings are forecast to decline by 21% in the next 2 years. Reported Earnings • Apr 01
First half 2025 earnings released: EPS: UK£0.084 (vs UK£0.055 in 1H 2024) First half 2025 results: EPS: UK£0.084 (up from UK£0.055 in 1H 2024). Revenue: UK£32.9m (up 17% from 1H 2024). Net income: UK£46.2m (up 53% from 1H 2024). Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in Europe are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. New Risk • Mar 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings are forecast to decline by an average of 3.0% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Declared Dividend • Feb 13
Fourth quarter dividend increased to UK£0.011 Dividend of UK£0.011 is 10.0% higher than last year. Ex-date: 20th February 2025 Payment date: 7th March 2025 Dividend yield will be 3.6%, which is lower than the industry average of 4.5%. Ankündigung • Feb 11
The PRS REIT Declares Interim Quarterly Dividend for Second Quarter of Fiscal Year Ending June 30, 2025, Payable on March 7, 2025 The PRS REIT Declares Interim Quarterly Dividend For Second Quarter of Fiscal Year Ending June 30, 2025, Payable on March 7, 2025. For the period, the company reported an increased interim quarterly dividend of 1.1 pence per ordinary share. The dividend will be payable To shareholders on the register on February 21, 2025. The ex-dividend date will be February 20, 2025. Declared Dividend • Nov 10
Fourth quarter dividend of UK£0.01 announced Dividend of UK£0.01 is the same as last year. Ex-date: 14th November 2024 Payment date: 29th November 2024 Dividend yield will be 3.8%, which is lower than the industry average of 4.5%. Ankündigung • Nov 07
The PRS REIT plc Declares an Interim Quarterly Dividend in Respect of the First Quarter (July-September) of Its New Financial Year Ending 30 June 2025, Payable on or Around 29 November 2024 The PRS REIT plc declared an interim quarterly dividend of 1.0 pence per ordinary share in respect of the first quarter (July-September) of its new financial year ending 30 June 2025. 100% (1.0 pence per share) of the dividend will be paid as a Property Income Distribution. The dividend will be payable, on or around 29 November 2024, to shareholders on the register on 15 November 2024. The ex-dividend date will be 14 November 2024. Price Target Changed • Oct 11
Price target increased by 9.3% to UK£1.14 Up from UK£1.04, the current price target is an average from 3 analysts. New target price is 9.0% above last closing price of UK£1.05. Stock is up 39% over the past year. The company is forecast to post earnings per share of UK£0.12 for next year compared to UK£0.17 last year. Ankündigung • Oct 10
PineBridge Reportedly Made Bid to Buy PRS REIT PineBridge Investments LLC made a 103 pence a share bid to buy The PRS REIT plc (LSE:PRSR) -Sky news reporter on X. Reported Earnings • Oct 09
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: UK£0.17 (up from UK£0.077 in FY 2023). Revenue: UK£58.2m (up 17% from FY 2023). Net income: UK£93.7m (up 121% from FY 2023). Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 88%. Revenue is forecast to stay flat during the next 3 years compared to a 6.2% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Ankündigung • Oct 09
The PRS REIT plc, Annual General Meeting, Dec 03, 2024 The PRS REIT plc, Annual General Meeting, Dec 03, 2024. Location: the offices of dentons uk and middle east llp, one fleet place, ec4m 7ra, london United Kingdom New Risk • Oct 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (108% net profit margin). Ankündigung • Sep 20
The PRS REIT plc Announces Board Appointments The PRS REIT plc announced the appointment of Robert Naylor and Christopher Mills as non-executive directors of the Company, pursuant to the UK Listing Rules. the following information is disclosed regarding the appointment of Robert Naylor and Christopher Mills to the Board of the Company. Robert Naylor currently holds directorships at Intuitive Investments Group Plc and NIOX Group Plc. In the past five years, he has also served on the boards of Round Hill Music Royalty Fund Limited, Light Science Technologies Holdings plc, and Hipgnosis Songs Fund Limited. Christopher Mills, on the other hand, currently holds directorships at Assetco plc, Bigblu Broadband plc, Catalyst Media Group plc, EKF Diagnostics Holdings plc, Frenkel Topping Group plc, MJ Gleeson Plc, North Atlantic Smaller Companies Investment Trust plc, Oryx International Growth Fund Limited, and Renalytix plc. His previous directorships within the last five years include Augean plc, Curtis Banks Group Limited, Gabelli Value Plus+ Trust plc, Goals Soccer Centres plc, Sunlink Health Systems Inc, Ten Entertainment Group plc, Trellus Health plc, Sureserve Group plc, and Hipgnosis Songs Fund Limited. Ankündigung • Aug 31
PRS REIT Receives a Notice from Harwood Capital Management Limited On 29 August 2024, PRS REIT announced that it has received a notice of requisition of meeting from the Waverton Investment Management Limited, CCLA Investment Management Limited, Alder Investment Management Limited, CG Asset Management Limited, Harwood Capital Management Limited and Christopher Mills for the removal of Stephen Smith, Non-Executive Chairman, and Steffan Francis, Non-Executive Director, and the appointment of Robert Naylor and Christopher Mills in their respective places, with immediate effect. If appointed, the requisitioning investors want the new Directors, to work with the remaining Board members, to undertake a review of options to return value to shareholders. Ankündigung • Aug 29
The PRS REIT plc Announces Board Changes A group of leading investors in The PRS REIT plc served a requisition on the Company. The requisition requires the removal of Stephen Smith, Non-Executive Chairman, and Steffan Francis, Non-Executive Director, and the appointment of Robert Naylor and Christopher Mills in their respective places, with immediate effect. If appointed, the requisitioning investors want the new Directors, to work with the remaining Board members, to undertake a review of options to return value to shareholders. The requisitioning investors are Waverton Investment Management Limited, CCLA Investment Management Limited, Alder Investment Management Limited, CG Asset Management Limited and Harwood Capital Management Limited, of which Mr. Mills is the ultimate majority shareholder. Declared Dividend • Aug 04
Dividend of UK£0.01 announced Dividend of UK£0.01 is the same as last year. Ex-date: 8th August 2024 Payment date: 30th August 2024 Dividend yield will be 4.6%, which is about the same as the industry average. Ankündigung • Aug 01
The PRS REIT plc Declares Interim Quarterly Dividend for the Fourth Quarter Ended June 30, 2024, Payable on or Around 30 August 2024 The PRS REIT plc declared an interim quarterly dividend of 1.0 pence per ordinary share in respect of the fourth quarter (April - June) of its financial year ended 30 June 2024. Eighty per cent. (0.8 pence per share) of the dividend will be paid as a Property Income Distribution, with the balance paid as an Ordinary Dividend. The dividend will be payable on or around 30 August 2024, to shareholders on the register on 9 August 2024. The ex-dividend date will be 8 August 2024. Declared Dividend • Apr 25
Dividend of UK£0.01 announced Dividend of UK£0.01 is the same as last year. Ex-date: 9th May 2024 Payment date: 31st May 2024 Dividend yield will be 5.1%, which is higher than the industry average of 4.5%. Ankündigung • Apr 23
The PRS REIT plc Declares Interim Quarterly Dividend for the Third Quarter Ended March 31, 2024, Payable on or Around 31 May 2024 The PRS REIT plc to declare an interim quarterly dividend of 1.0 pence per ordinary share in respect of the third quarter (January - March) of its financial year ending 30 June 2024. Ninety per cent. (0.9 pence per share) of the dividend will be paid as a Property Income Distribution ("PID"), with the balance paid as an Ordinary Dividend. The dividend will be payable on or around 31 May 2024 to shareholders on the register on 10 May 2024. The ex-dividend date will be 9 May 2024. Reported Earnings • Mar 22
First half 2024 earnings released: EPS: UK£0.055 (vs UK£0.027 in 1H 2023) First half 2024 results: EPS: UK£0.055 (up from UK£0.027 in 1H 2023). Revenue: UK£28.1m (up 17% from 1H 2023). Net income: UK£30.3m (up 106% from 1H 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.3% growth forecast for the Residential REITs industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 08
Upcoming dividend of UK£0.01 per share at 4.9% yield Eligible shareholders must have bought the stock before 15 February 2024. Payment date: 08 March 2024. Trailing yield: 4.9%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (3.7%). Declared Dividend • Feb 02
Fourth quarter dividend of UK£0.01 announced Dividend of UK£0.01 is the same as last year. Ex-date: 15th February 2024 Payment date: 8th March 2024 Dividend yield will be 4.9%, which is higher than the industry average of 4.5%. Ankündigung • Jan 31
The PRS REIT plc Declares Interim Quarterly Dividend of the Second Quarter of Financial Year Ending 30 June 2024, Payable on 8 March 2024 The PRS REIT, declared an interim quarterly dividend of 1.0 pence per ordinary share in respect of the second quarter (October- December) of its financial year ending 30 June 2024. Ninety per cent. (0.9 pence) of the dividend will be paid as a Property Income Distribution ("PID"), with the balance of 0.1 pence paid as an Ordinary Dividend. The dividend will be payable on 8 March 2024, to shareholders on the register on 16 February 2024. The ex-dividend date will be 15 February 2024. Ankündigung • Nov 02
The PRS REIT plc Declares an Interim Quarterly Dividend in Respect of the First Quarter (July - September) of the Financial Year Ending 30 June 2024, Payable on 1 December 2023 The PRS REIT plc declared an interim quarterly dividend of 1.0 pence per ordinary share in respect of the first quarter (July - September) of the financial year ending 30 June 2024. Ninety per cent. (0.9 pence) of the dividend will be paid as a Property Income Distribution ("PID"), with the balance (0.1 pence) paid as a Non-PID. The dividend will be payable on 1 December 2023, to shareholders on the register on 10 November 2023. The ex-dividend date will be 9 November 2023. Reported Earnings • Oct 11
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: UK£0.077 (down from UK£0.22 in FY 2022). Revenue: UK£49.7m (up 18% from FY 2022). Net income: UK£42.5m (down 63% from FY 2022). Profit margin: 85% (down from 276% in FY 2022). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, while revenues in the Residential REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Oct 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Sep 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Ankündigung • Aug 03
The PRS REIT Declares Quarterly Dividend for the Fourth Quarter of the Financial Year Ended 30 June 2023, Payable on September 1, 2023 The PRS REIT declare an interim quarterly dividend of 1.0 pence per ordinary share in respect of the fourth quarter of the financial year ended 30 June 2023. The dividend, which is a non-Property Income Distribution, will be payable on 1 September 2023, to shareholders on the register on 11 August 2023. The ex-dividend date will be 10 August 2023. Major Estimate Revision • Apr 19
Consensus estimates of losses per share improve by 43% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from UK£42.3m to UK£42.9m. EPS estimate increased from -UK£0.067 per share to -UK£0.038 per share. Residential REITs industry in the United Kingdom expected to see average net income decline 29% next year. Consensus price target of UK£1.01 unchanged from last update. Share price was steady at UK£0.85 over the past week. Recent Insider Transactions • Mar 27
Independent Non-Executive Chairman recently bought UK£53k worth of stock On the 23rd of March, Stephen Smith bought around 70k shares on-market at roughly UK£0.76 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Stephen has been a buyer over the last 12 months, purchasing a net total of UK£124k worth in shares. Buying Opportunity • Nov 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be UK£1.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 59% over the last 3 years. Earnings per share has grown by 69%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings is forecast to decline by 40% per annum over the same time period. Major Estimate Revision • Oct 18
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from UK£43.3m to UK£43.8m. Now expected to report loss of -UK£0.04 instead of UK£0.11 per share profit. REITs industry in the United Kingdom expected to see average net income decline 26% next year. Consensus price target broadly unchanged at UK£1.05. Share price rose 6.9% to UK£0.90 over the past week. Reported Earnings • Oct 12
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: UK£0.21 (up from UK£0.089 in FY 2021). Revenue: UK£42.0m (up 57% from FY 2021). Net income: UK£115.9m (up 163% from FY 2021). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) exceeded analyst estimates by 75%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has increased by 356% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 28
Upcoming dividend of UK£0.01 per share Eligible shareholders must have bought the stock before 04 August 2022. Payment date: 26 August 2022. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.3%). In line with average of industry peers (3.6%). Buying Opportunity • Jan 31
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be UK£1.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 66% per annum over the last 3 years. Earnings per share has grown by 52% per annum over the last 3 years. Upcoming Dividend • Nov 11
Upcoming dividend of UK£0.01 per share Eligible shareholders must have bought the stock before 18 November 2021. Payment date: 03 December 2021. Trailing yield: 3.9%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (2.8%). Recent Insider Transactions • Oct 26
Independent Non-Executive Chairman recently bought UK£75k worth of stock On the 25th of October, Stephen Smith bought around 75k shares on-market at roughly UK£1.00 per share. This was the largest purchase by an insider in the last 3 months. This was Stephen's only on-market trade for the last 12 months. Reported Earnings • Oct 13
Full year 2021 earnings released: EPS UK£0.089 (vs UK£0.033 in FY 2020) Full year 2021 results: Revenue: UK£26.6m (up 106% from FY 2020). Net income: UK£44.1m (up 169% from FY 2020). Net asset value (NAV) per share: UK£0.99 (up 4.1% from FY 2020). The current share price is 2.0% higher than NAV per share. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Sep 20
Price target increased to UK£1.13 Up from UK£1.02, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of UK£1.10. Stock is up 35% over the past year. Upcoming Dividend • Aug 05
Upcoming dividend of UK£0.01 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 03 September 2021. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (3.9%). Higher than average of industry peers (2.6%). Reported Earnings • Mar 27
First half 2021 earnings released: EPS UK£0.041 (vs UK£0.022 in 1H 2020) First half 2021 results: Revenue: UK£10.7m (up 90% from 1H 2020). Net income: UK£20.3m (up 85% from 1H 2020). Is New 90 Day High Low • Feb 11
New 90-day high: UK£0.88 The company is up 16% from its price of UK£0.76 on 12 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.55 per share. Is New 90 Day High Low • Jan 12
New 90-day high: UK£0.85 The company is up 13% from its price of UK£0.75 on 14 October 2020. The British market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.56 per share. Is New 90 Day High Low • Oct 22
New 90-day low: UK£0.71 The company is down 4.0% from its price of UK£0.74 on 24 July 2020. The British market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.02 per share. Major Estimate Revision • Oct 16
Analysts update estimates The 2021 consensus revenue estimate was lowered from UK£28.3m to UK£24.3m. Earning per share (EPS) estimate was unchanged from the last update at UK£0.067. The REITs industry in the United Kingdom is expected to see an average net income growth of 5.8% next year. The consensus price target of UK£1.01 was unchanged from the last update. Share price is down by 3.4% to UK£0.74 over the past week. Reported Earnings • Oct 08
Full year earnings released Over the last 12 months the company has reported total profits of UK£16.4m, up 13% from the prior year. Total revenue was UK£12.9m over the last 12 months, up 116% from the prior year. Note: Net income excluding extraordinary items provided as the company does not report funds from operations. Analyst Estimate Surprise Post Earnings • Oct 08
Annual earnings released: Earnings miss expectations Earnings per share (EPS) missed analyst estimates by 16% at UK£0.033. Revenue is forecast to grow 118% over the next year, compared to a 2.5% decline forecast for the REITs industry in the United Kingdom. 
