LSE:CSH

Stock Analysis Report

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Executive Summary

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. More Details


Snowflake Analysis

Proven track record second-rate dividend payer.


Similar Companies

Share Price & News

How has Civitas Social Housing's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CSH has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.8%

CSH

0.1%

GB REITs

-1.9%

GB Market


1 Year Return

20.9%

CSH

-21.1%

GB REITs

-16.2%

GB Market

Return vs Industry: CSH exceeded the UK REITs industry which returned -21.1% over the past year.

Return vs Market: CSH exceeded the UK Market which returned -16.2% over the past year.


Shareholder returns

CSHIndustryMarket
7 Day1.8%0.1%-1.9%
30 Day-0.4%2.4%0.7%
90 Day-7.6%-19.8%-4.8%
1 Year27.6%20.9%-24.2%-21.1%-13.0%-16.2%
3 Year10.2%-4.9%-10.1%-9.4%-9.4%-20.6%
5 Yearn/a-17.1%-21.0%13.5%-12.0%

Price Volatility Vs. Market

How volatile is Civitas Social Housing's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

7.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CSH (£1.05) is trading below our estimate of fair value (£1.12)

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 (17.2x) compared to the GB REITs industry average (16.6x).

PE vs Market: CSH is good value based on its PE Ratio (17.2x) compared to the UK market (18.1x).


Price to Earnings Growth Ratio

PEG Ratio: CSH is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: CSH is overvalued based on its PB Ratio (1x) compared to the GB REITs industry average (0.7x).


Next Steps

Future Growth

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

11.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CSH's forecast earnings growth (11% per year) is above the savings rate (1.2%).

Earnings vs Market: CSH's earnings (11% per year) are forecast to grow slower than the UK market (24.1% per year).

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

Revenue vs Market: CSH's revenue (6.7% per year) is forecast to grow faster than the UK market (6% per year).

High Growth Revenue: CSH's revenue (6.7% 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 (4.2%).


Next Steps

Past Performance

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

37.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CSH has a large one-off gain of £9.4M impacting its March 31 2020 financial results.

Growing Profit Margin: CSH's current net profit margins (81.7%) are higher than last year (55.6%).


Past Earnings Growth Analysis

Earnings Trend: CSH's earnings have grown significantly by 37.2% per year over the past 5 years.

Accelerating Growth: CSH's earnings growth over the past year (89.6%) exceeds its 5-year average (37.2% per year).

Earnings vs Industry: CSH earnings growth over the past year (89.6%) exceeded the REITs industry -20.8%.


Return on Equity

High ROE: CSH's Return on Equity (5.6%) is considered low.


Next Steps

Financial Health

How is Civitas Social Housing's financial position?


Financial Position Analysis

Short Term Liabilities: CSH's short term assets (£69.2M) exceed its short term liabilities (£67.5M).

Long Term Liabilities: CSH's short term assets (£69.2M) do not cover its long term liabilities (£209.9M).


Debt to Equity History and Analysis

Debt Level: CSH's debt to equity ratio (40.2%) is considered high.

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 (12.2%).

Interest Coverage: CSH's interest payments on its debt are well covered by EBIT (4.8x coverage).


Balance Sheet


Next Steps

Dividend

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

5.16%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CSH's dividend (5.16%) is higher than the bottom 25% of dividend payers in the UK market (1.82%).

High Dividend: CSH's dividend (5.16%) is low compared to the top 25% of dividend payers in the UK market (5.3%).


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 3 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (100%), CSH's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CSH's dividends in 3 years are forecast to be covered by earnings (92.5% payout ratio).


Next Steps

Management

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

4.0yrs

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

NamePositionTenureCompensationOwnership
Michael Wrobel
Independent Non-Executive Chairman4yrsUK£50.00k0.016%
£ 105.2k
Peter Baxter
Senior Independent Non-Executive Director4yrsUK£32.00k0.0076%
£ 49.2k
Alastair Moss
Independent Non-Executive Director4yrsUK£32.00k0.0019%
£ 12.3k
Alison Hadden
Independent Non-Executive Director0.92yrUK£12.64kno data
Caroline Gulliver
Independent Non-Executive Director4yrsUK£36.00k0.0095%
£ 61.5k

4.0yrs

Average Tenure

56yo

Average Age

Experienced Board: CSH's board of directors are considered experienced (4 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 company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Civitas Social Housing PLC
  • Ticker: CSH
  • Exchange: LSE
  • Founded:
  • Industry: Residential REITs
  • Sector: Real Estate
  • Market Cap: UK£650.242m
  • Shares outstanding: 621.65m
  • Website: https://www.civitassocialhousing.com

Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CSHLSE (London Stock Exchange)YesOrdinary SharesGBGBPNov 2016
CSHLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPNov 2016

Biography

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 t ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/22 22:25
End of Day Share Price2020/10/22 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.