- Gross revenue for 9M24 decreased by 1.8% y-o-y to £28mil, in line with expectations and forming 74% of our FY24e estimates. The decline was solely due to straight-line adjustment and is expected to reverse in later years.
- Although NPI was not disclosed, 9M24 DPU rose by 3.9% y-o-y to 2.13 pence, driven by tax savings and lower financing costs, as Elite UK REIT has used the dilapidation settlement to pay down its debt. The 9M24 DPU aligns with our forecast, forming 78% of full-year estimates. Elite UK REIT may raise its payout ratio to above 90% amid an improving macro environment and progress in asset monetization.
- - Read this at SGinvestors.io -
- Elite UK REIT's share price is currently trading at an FY24e dividend yield of 9.3% and 0.77x P/NAV.
The Positives
Lower financing cost.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Liu Miao Miao Phillip Securities Research | http://www.poems.com.sg/ 2024-11-06
Previous report by Phillip:
2024-08-08 Elite UK REIT - Increasing Payout Ratio To 90%+.
Price targets by 2 other brokers at Elite UK REIT Target Prices.
Listing of research reports at Elite UK REIT Analyst Reports.
Relevant links:
Elite UK REIT Share Price History,
Elite UK REIT Announcements,
Elite UK REIT Dividends & Corporate Actions,
Elite UK REIT News Articles
