reports
- 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. S...
- ACF Real Estate
ALSP 1H21E Pre-Results ACF 27012021
ACE Liberty & Stone (ALSP ISD), an Aquis growth market listed property trading company, is due to release a positive set of 1H21E results in the shadow of Covid. We expect it to outperform the commercial property sector. We are looking for greater than 70% of rents collected 6-month period since YE 30 Apr 20 and deferrals of less than £250k for 31 Dec 21. A dividend yield vs. nominal share value (25p) above 10%, and an NAVPS that continues to justify ALSP’s growth stock character, which is essen...
- ACF Real Estate
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 premiu...
ALSP 1H20A Post Results ACF 11022020
ACE Liberty & Stone (ALSP ISD), a NEX growth market listed property trading company delivered strong operational results with a rise in EBITDA margin as the company digests and consolidates a significant number of property acquisitions over recent periods. Since balance sheet close the share overhang has been significantly eroded by the exercise of warrants and conversion of CLNs leading to a significant increase in shares in issue (hence our lower value range). ACE has also raised over £4.55m i...
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) exten...
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