ALSP FY20A Post Results ACF 12102020
ACE Liberty & Stone (ALSP ISD), an Aquis growth market listed property trading company, delivered a strong YE. ACE’s YE is 30 Apr, inside the Covid crisis. ACE collected 82% of rents due end Mar and all but £78k of deferrals are currently collectible by 31 Dec 21. ALSP has been resilient two crises in row - Brexit and Covid. The dividend yield vs. nominal share value (25p) is 13.3%, ranged 3.62% to 2.66% on the c/p and is 8.44% on fully diluted NAVPS up from 7.6% yoy, which suggests a s/p premium to NAVPS remains justified particularly when combined with the long term growth and trading company characteristics of ALSP. The 2020 consolidation year has strengthened the balance sheet, whilst Covid is providing property acquisition opportunities.
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