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CSH

Civitas Social HousingLSE:CSH Stock Report

Market Cap

UK£569.6m

7D

-0.5%

1Y

-10.7%

Updated

29 Nov, 2021

Data

Company Financials +
CSH fundamental analysis
Snowflake Score
Valuation2/6
Future Growth2/6
Past Performance2/6
Financial Health3/6
Dividends3/6

CSH Stock Overview

Civitas Social Housing PLC is the first real estate investment trust dedicated to investing exclusively into existing portfolios of built social homes in England and Wales.

Civitas Social Housing Competitors

Unite Group

LSE:UTG

UK£4.3b

SEGRO

LSE:SGRO

UK£16.8b

Land Securities Group

LSE:LAND

UK£5.5b

British Land

LSE:BLND

UK£4.8b

Price History & Performance

Summary of all time highs, changes and price drops for Civitas Social Housing
Historical stock prices
Current Share PriceUK£0.92
52 Week HighUK£1.21
52 Week LowUK£0.85
Beta0.13
1 Month Change-2.02%
3 Month Change-12.88%
1 Year Change-10.68%
3 Year Change-8.00%
5 Year Change-11.65%
Change since IPO-10.79%

Recent News & Updates

Shareholder Returns

CSHGB REITsGB Market
7D-0.5%0.1%-1.9%
1Y-10.7%25.9%13.8%

Return vs Industry: CSH underperformed the UK REITs industry which returned 25.9% over the past year.

Return vs Market: CSH underperformed the UK Market which returned 13.8% over the past year.

Price Volatility

Is CSH's price volatile compared to industry and market?
CSH volatility
CSH Average Weekly Movement4.0%
REITs Industry Average Movement2.8%
Market Average Movement4.9%
10% most volatile stocks in GB Market9.7%
10% least volatile stocks in GB Market2.6%

Stable Share Price: CSH is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: CSH's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/an/aPaul Bridgehttps://www.civitassocialhousing.com

Civitas Social Housing PLC is the first real estate investment trust dedicated to investing exclusively into existing portfolios of built social homes in England and Wales. The Company achieved admission to the premium listing segment of the Official List of the London Stock Exchange in November 2016, raising £350 million in an oversubscribed IPO.

Civitas Social Housing Fundamentals Summary

How do Civitas Social Housing's earnings and revenue compare to its market cap?
CSH fundamental statistics
Market CapUK£569.65m
Earnings (TTM)UK£36.08m
Revenue (TTM)UK£49.02m

15.7x

P/E Ratio

11.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CSH income statement (TTM)
RevenueUK£49.02m
Cost of RevenueUK£1.18m
Gross ProfitUK£47.85m
ExpensesUK£11.77m
EarningsUK£36.08m

Last Reported Earnings

Mar 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.059
Gross Margin97.60%
Net Profit Margin73.59%
Debt/Equity Ratio52.4%

How did CSH perform over the long term?

See historical performance and comparison

Dividends

6.0%

Current Dividend Yield

128%

Payout Ratio

Valuation

Is Civitas Social Housing undervalued compared to its fair value and its price relative to the market?

9.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CSH (£0.92) is trading below our estimate of fair value (£1.01)

Significantly Below Fair Value: CSH is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CSH is poor value based on its PE Ratio (15.7x) compared to the UK REITs industry average (12.9x).

PE vs Market: CSH is good value based on its PE Ratio (15.7x) compared to the UK market (19x).


Price to Earnings Growth Ratio

PEG Ratio: CSH is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: CSH's PB Ratio (0.8x) is in line with the GB REITs industry average.


Future Growth

How is Civitas Social Housing forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

12.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CSH's forecast earnings growth (12.5% per year) is above the savings rate (0.9%).

Earnings vs Market: CSH's earnings (12.5% per year) are forecast to grow slower than the UK market (12.6% per year).

High Growth Earnings: CSH's earnings are forecast to grow, but not significantly.

Revenue vs Market: CSH's revenue (7.4% per year) is forecast to grow faster than the UK market (4.9% per year).

High Growth Revenue: CSH's revenue (7.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CSH's Return on Equity is forecast to be low in 3 years time (4.3%).


Past Performance

How has Civitas Social Housing performed over the past 5 years?

28.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CSH has high quality earnings.

Growing Profit Margin: CSH's current net profit margins (73.6%) are lower than last year (81.7%).


Past Earnings Growth Analysis

Earnings Trend: CSH's earnings have grown significantly by 28% per year over the past 5 years.

Accelerating Growth: CSH's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CSH had negative earnings growth (-4.4%) over the past year, making it difficult to compare to the REITs industry average (141.2%).


Return on Equity

High ROE: CSH's Return on Equity (5.4%) is considered low.


Financial Health

How is Civitas Social Housing's financial position?


Financial Position Analysis

Short Term Liabilities: CSH's short term assets (£119.9M) exceed its short term liabilities (£69.3M).

Long Term Liabilities: CSH's short term assets (£119.9M) do not cover its long term liabilities (£292.7M).


Debt to Equity History and Analysis

Debt Level: CSH's net debt to equity ratio (36.5%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if CSH's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: CSH's debt is not well covered by operating cash flow (7.4%).

Interest Coverage: CSH's interest payments on its debt are well covered by EBIT (4.9x coverage).


Balance Sheet


Dividend

What is Civitas Social Housing current dividend yield, its reliability and sustainability?

6.03%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CSH's dividend (6.03%) is higher than the bottom 25% of dividend payers in the UK market (1.37%).

High Dividend: CSH's dividend (6.03%) is in the top 25% of dividend payers in the UK market (4.17%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, CSH has been paying a dividend for less than 10 years.

Growing Dividend: CSH's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (127.6%), CSH's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CSH's dividends in 3 years are forecast to be covered by earnings (94.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.1yrs

Average board tenure


CEO

Paul Bridge

no data

Tenure

Mr. Paul Bridge is the Founder of CIM. He serves as Chief Executive at Homes for Haringey. He serves as Chief Executive Officer at Civitas Social Housing PLC.Mr. Bridge served as Interim Executive Directo...


Board Members

Experienced Board: CSH's board of directors are considered experienced (5.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Civitas Social Housing PLC's employee growth, exchange listings and data sources


Key Information

  • Name: Civitas Social Housing PLC
  • Ticker: CSH
  • Exchange: LSE
  • Founded: NaN
  • Industry: Residential REITs
  • Sector: Real Estate
  • Market Cap: UK£569.649m
  • Shares outstanding: 615.84m
  • Website: https://www.civitassocialhousing.com

Location

  • Civitas Social Housing PLC
  • 13 Berkeley Street
  • London
  • Greater London
  • W1J 8DU
  • United Kingdom

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/11/29 23:11
End of Day Share Price2021/11/29 00:00
Earnings2021/03/31
Annual Earnings2021/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.