reports
- Pedro Fonseca
Round Hill Music Royalty Fund - Termination of coverage
Edison Investment Research is terminating coverage on Round Hill Music Royalty Fund (RHM). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Pedro Fonseca
Round Hill Music Royalty Fund - High quality catalogue underpins value
Round Hill Music Royalty Fund’s (RHMRF’s) Q123 trading update showed a strong revenue performance building on the good FY22 results. Combined net publishers’ share (NPS) and net label share (NLS) was up 91% over Q122, a gain of 20% on a like-for-like basis. RHMRF’s economic end FY22 NAV per share had increased 13% over the prior year to US$1.27, with revenue up 32%, reflecting the high quality of the catalogue and the added value from active management of portfolio assets. This is despite a mark...
- Pedro Fonseca
Round Hill Music Royalty Fund - Expanding horizons
Since its 13 November 2020 launch, Round Hill Music Royalty Fund’s (RHMRF) NAV has returned c 17.6% on a total return (TR) basis and 11.1% annualised (to end-May 2022 in US dollars), slightly above the targeted annualised NAV TR of 9–11%. An increase in economic NAV to $1.11/share (from $0.98 per share at launch; not an IFRS measure) and dividends contributed to the NAV TR. The RHMRF portfolio is valued using an 8.5% discount rate, still reasonably conservative despite rising interest rates. RHM...
- Pedro Fonseca
Round Hill Music Royalty Fund - The one-year anniversary
Round Hill Music Royalty Fund (RHMRF) has recently celebrated its one-year anniversary of its launch. It has been very active throughout the year, raising additional funds of $132.6m and acquiring five catalogues. Since launch the company’s NAV returned c 11.1% on a total return (TR) basis (to end-October 2021), within the targeted annualised NAV TR of 9–11%. An increase in economic NAV to $1.07/share (from $0.98 per share at launch; not an IFRS measure) and two dividends contributed to the NAV ...
- Pedro Fonseca
Round Hill Music Royalty Fund - The one-year anniversary
Round Hill Music Royalty Fund (RHMRF) has recently celebrated its one-year anniversary of its launch. It has been very active throughout the year, raising additional funds of $132.6m and acquiring five catalogues. Since launch the company’s NAV returned c 11.1% on a total return (TR) basis (to end-October 2021), within the targeted annualised NAV TR of 9–11%. An increase in economic NAV to $1.07/share (from $0.98 per share at launch; not an IFRS measure) and two dividends contributed to the NAV ...
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