ALSP FY19A Post Results ACF 30092019
ACE Liberty & Stone (ALSP ISD), a NEX growth market listed property trading company delivered impressive operational results and has beaten our estimates comfortably on many items. ACE made 8 acquisitions for £32.95m generating £2.49m in annual rentals (av. 7.6% yield) and sold Hume Ho. for a 133% capital return over 5 years. There is £8.8m of assets held for sale plus £1.9m cash and equivalents against an increase in debt of £22.2m. ACE is negotiating a GBP 10m Convertible Loan Note (CLN) extension, likely to be on new terms. The reported investment portfolio reached £79.5m vs. our £69.4m target. Revenues came in at £5.356m including disposals (part of the business model), another beat. Rental run rate now exceeds £6m p.a. There is a suggestion of a strategy change, this could weigh on our valuation.
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