LSE:CSH

Stock Analysis Report

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.

Snowflake

Fundamentals

High growth potential and fair value.


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


Market Performance


7 Day Return

0.2%

CSH

3.3%

GB REITs

1.1%

GB Market


1 Year Return

-19.8%

CSH

7.9%

GB REITs

2.7%

GB Market

Return vs Industry: CSH underperformed the UK REITs industry which returned 7.9% over the past year.

Return vs Market: CSH underperformed the UK Market which returned 2.7% over the past year.


Shareholder returns

CSHIndustryMarket
7 Day0.2%3.3%1.1%
30 Day-0.4%4.6%-1.7%
90 Day-1.4%6.0%-2.7%
1 Year-15.2%-19.8%12.8%7.9%7.8%2.7%
3 Yearn/a26.4%8.5%19.3%4.7%
5 Yearn/a40.3%12.4%38.0%8.1%

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?

7.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: CSH (£0.85) is trading below our estimate of fair value (£0.92)

Significantly Undervalued: 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 (18.2x) compared to the REITs industry average (13.7x).

PE vs Market: CSH is poor value based on its PE Ratio (18.2x) compared to the UK market (16.4x).


Price to Earnings Growth Ratio

Low PEG Ratio: CSH is good value based on its PEG Ratio (0.4x)


Price to Book Ratio

PB vs Industry: CSH is good value based on its PB Ratio (0.8x) compared to the GB REITs industry average (0.9x).


Next Steps

Future Growth

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

46.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CSH's forecast earnings growth (46.1% per year) is above the savings rate (1.2%).

Earnings vs Market: CSH's earnings (46.1% per year) are forecast to grow faster than the UK market (12.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CSH's revenue (22.1% per year) is forecast to grow faster than the UK market (3.8% per year).

High Growth Revenue: CSH's revenue (22.1% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: Insufficient data to determine if CSH's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

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

-28.3%

Last years earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if CSH's year-on-year earnings growth rate was positive 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 (-28.3%) over the past year, making it difficult to compare to the REITs industry average (-16.8%).


Return on Equity

High ROE: CSH's Return on Equity (3%) is considered low.


Return on Assets

ROA vs Industry: CSH's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate CSH's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Civitas Social Housing's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CSH has a low level of unsold assets or inventory.

Debt Coverage by Assets: CSH's debt is not covered by short term assets (assets are 0.3x debt).


Financial Institutions Analysis

Asset Level: CSH's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CSH has a sufficient allowance for bad loans.

Low Risk Liabilities: CSH reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CSH has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CSH has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CSH has an appropriate level of bad loans.


Next Steps

Dividend

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

5.97%

Current Dividend Yield


Dividend Yield vs Market

company6.0%marketbottom25%2.0%markettop25%5.4%industryaverage4.1%forecastin3Years6.4%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: CSH's dividend (5.97%) is higher than the bottom 25% of dividend payers in the UK market (2.01%).

High Dividend: CSH's dividend (5.97%) is in the top 25% of dividend payers in the UK market (5.44%)

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 2 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (118.1%), 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 (93.2% payout ratio).


Next Steps

Management

What is the CEO of Civitas Social Housing's salary, the management and board of directors tenure and is there insider trading?

3.0yrs

Average board tenure


CEO

Paul Bridge 0

0yrs

Tenure

0

Mr. Paul Bridge serves as Chief Executive at Homes for Haringey. Mr. Bridge served as Interim Executive Director of Customer Services at Catalyst Housing Limited since September 2, 2015 until February 12,  ...


Board Age and Tenure

3.0yrs

Average Tenure

55yo

Average Age

Experienced Board: CSH's board of directors are considered experienced (3 years average tenure).


Insider Trading

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


Recent Insider Transactions

BuyUK£29,15720 Dec 18
Michael Wrobel
EntityIndividual
Role
Chairman of the Board
Independent Non-Executive Chairman
Shares30,000
Max PriceUK£0.97

Ownership Breakdown


Management Team

  • Paul Bridge

    Chief Executive Officer

    • Tenure: 0yrs
  • Graham Peck

    Finance Director

    • Tenure: 0yrs

Board Members

  • Michael Wrobel (63yo)

    Independent Non-Executive Chairman

    • Tenure: 3yrs
    • Compensation: UK£50.00k
  • Peter Baxter (57yo)

    Senior Independent Non-Executive Director

    • Tenure: 3yrs
    • Compensation: UK£32.00k
  • Alastair Moss (44yo)

    Independent Non-Executive Director

    • Tenure: 3yrs
    • Compensation: UK£32.00k
  • Caroline Gulliver (53yo)

    Independent Non-Executive Director

    • Tenure: 3yrs
    • Compensation: UK£36.00k

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£528.718m
  • Shares outstanding: 622.02m
  • 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 Analysis2019/10/14 21:54
End of Day Share Price2019/10/14 00:00
Earnings2019/03/31
Annual Earnings2019/03/31


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.