ACF Real Estate

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

Ace Liberty & Stone plc

ACF Equity Research
ACF Equity Research

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers  with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

ACF Real Estate

Other Reports on these Companies
Other Reports from ACF Equity Research

ResearchPool Subscriptions

Get the most out of your insights

Get in touch