ALSP 1H21A Post Results ACF 03022021
ACE Liberty & Stone (ALSP ISD), an Aquis Apex market listed property trading company, released a very strong set of results for 1H21 in the shadow of Covid, beating our interim forecasts very comfortably. We maintain our year end forecasts. We expect ACE to continue to outperform the commercial property sector, which has suffered stock declines averaging ~30%. Greater than 80% of rents collected vs. our 70% expectation. Rent deferrals written down £130k vs. our ~£250k expectation for the 1H21. Suspended the dividend against our expectation but prudent decision to contribute toward acquisition opportunities. LTV adjusted 53% vs. 54% y/y. 57% of rental is government backed vs. 58% y/yand 42% is triple-A commercial vs. 41% y/y. WAULB 6.94 vs. 8.08 years y/y. We have increased our VR to 102-107p
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