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Share Price: 62.20

Bid: 61.20

Ask: 62.40

Change: 1.60 (2.66%)

Spread: 1.20 (1.961%)

Open: 61.60

High: 62.20

Low: 61.60

Prev. Close: 60.20

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Berenberg starts Intu, Capital & Regional at 'buy'

Wed, 29th Aug 2018 13:31

(Sharecast News) - Berenberg initiated coverage of Intu Properties and Capital & Reginal at 'buy' as it highlighted three key reasons why it sees value in the UK shopping centre market.The bank said that despite innovation to date, online retailing cannot fully replicate the physical retail experience. "Not every retail offer is suited to ecommerce while the costs associated with satisfying consumer expectations are increasing exponentially. As a result, physical stores with the right product mix in the right locations are likely to remain the primary point of sale," it said.Berenberg also noted that share prices represent a material disconnect to asset fundamentals, implying a capital value fall of 10%-35%, or more than 211 basis points of outward yield movement, 89% of that experienced in the financial crisis."This scenario is highly unlikely, in our view. REIT balance sheets remain robust, asset quality has been improved and operational efficiency gains have been made," it said.Finally, it said that a material shopping centre valuation correction is unlikely for all but the most under-invested, poorly located assets.As far as Intu is concerned, Berenberg said it is well insulated from the current retail headwinds, with high, consistent occupancy levels. In addition, while its loan-to-value is high, the company's balance sheet is resilient and a clear path to earnings growth remains.The bank also argued that Intu's high-quality portfolio is under-appreciated."Intu owns a portfolio of large regional destinations that are dominant in their catchments, well maintained, growing and fit for modern retailing. These centres generate stable, long-dated, growing income with significant opportunity for net asset value and earnings-enhancing development. Despite structural threats Intu's assets have out-performed the market and peers, growing footfall, rents and occupancy. We expect this to continue despite cyclical risks."On Capital & Regional, Berenberg said there is significant value in residential developments."We see potential for material land value revaluations on planning milestones and land disposals, generating proceeds significantly above book value, benefitting NAV and lowering LTV," it said.In addition, Berenberg pointed out that the company is set to benefit from its 85% exposure to London and the South East."London shopping centres have materially outperformed the regional centres over the long term, driven in part by higher population growth, above-average income levels, weighting of infrastructure investment and the back-stop to asset valuations provided by alternative use values. We expect this trend to continue."The bank has a 60p price target on Capital & Regional and 230p price target on Intu.At 1230 BST, Intu shares were up 0.8% to 162.30p and Capital & Regional was 0.3% higher at 46.20p.

More News

14 Aug 2018 07:41

Capital & Regional dividend growth limited by retailer CVAs

(Sharecast News) - Capital & Regional saw the net asset value of its seven shopping centres dip in the first half of the year and said it expects full year dividend growth to be at the low end of its target range.

7 Aug 2018 16:01

UK Earnings, Trading Statements Calendar - Next 7 Days

Wednesday 8 August GlencoreHalf Year ResultsPaddy Power BetfairHalf Year Year Year Year 9

6 Aug 2018 08:13

Capital & Regional FD Staveley to step down

(Sharecast News) - Real estate investment trust Capital & Regional said on Monday that finance director Charles Staveley will step down from the board on 15 August and leave the company later in the year to pursue other business interests.

2 May 2018 16:07

UK Shareholder Meetings Calendar - Next 7 Days

Thursday 3 MayJames Fisher & SonsSavannah PetroleumTrinity MirrorEquiniti (re of

13 Mar 2018 07:06

EUROPE RESEARCH ROUNDUP-Capital & Counties Properties, Inmarsat, Norsk Hydro

March 13 (Reuters) - Securities analysts revised their ratings and price targets on several European companies, including Capital & Counties Properties, Inmarsat and Norsk Hydro, on Tuesday. * :

12 Mar 2018 15:31

DIRECTOR DEALINGS: Capital & Regional Chairman Buys, Sells Shares

LONDON (Alliance News) - Capital & Regional PLC said on Monday Chairman Hugh Scott-Barrett bought and sold shares in the property real estate investment trust in last at

8 Mar 2018 05:38

UK Stocks-Factors to watch on March 8

March 8 (Reuters) - Britain's FTSE 100 index is seen opening flat on Thursday, according to financial bookmakers. * UK-RECRUITERS: British recruiters a

4 Jan 2017 14:02

Capital & Regional refinances mall property debt

(ShareCast News) - Capital & Regional has refinanced the debt on its five wholly-owned shopping malls with £372.5m of new debt facilities with three lenders to cut its blended interest rate to 3.27% from 3.52%. The three new facilities were a £165m 10-year loan with Teachers Insurance and Annuity As

9 Dec 2016 09:15

Capital & Regional signs leases on two BHS spaces

(ShareCast News) - UK-focused specialist property real estate investment trust Capital & Regional announced on Friday that it exchanged two long-term leases for its former BHS units at The Mall Blackburn and The Mall Walthamstow, bringing new occupiers Wilko and the The Gym Group into the schemes an

9 Dec 2016 08:53

HSBC upgrades Capital & Regional to 'buy'

(ShareCast News) - HSBC has upgraded Capital & Regional, a British manager of shopping centres, to 'buy' from 'hold' but lowered its price target to 66p from 69p. The company's recent disposal of the Camberley shopping centre and refinancing has reduced the bank's equity valuation by £14.5m, equival

30 Sep 2016 08:27

BROKER RATINGS SUMMARY: Split View On Capita As Two Raise, Three Cut

19 Aug 2016 13:47

Directors dealings: Capital & Regional boss buys-in after interims

(ShareCast News) - Capital & Regional's boss Hugh Scott-Barrett bought into the company's shares on the same day that it published its latest interims. On 18 August, the UK-focused specialist REIT unveiled a 16% jump in operating profits for the six-month stretch running up to 30 June to £13.7m, in

18 Aug 2016 09:43

Thursday broker round-up

(ShareCast News) - Admiral Group: RBC reiterates underperform with a target price of 1600p. Laird: Berenberg maintains sell with a 230p target. BGEO Group: UBS reiterates neutral with a 2960p target. ICAP: Exane BNP Paribas upgrades to outperform with a 510p target. Poundland: Credit Suisse keeps

11 Aug 2016 15:03

UK Earnings, Trading Statements Calendar - Next 7 Days

18 Jul 2016 13:20

Monday broker round-up

(ShareCast News) - Experian: Barclays reiterates overweight with a target price of 1,550p. Rentokil: HSBC upgrades to hold with a 190p target. Card Factory: UBS reiterates buy with a 295p target. Capital & Regional: HSBC starts coverage at buy with a 61p target. Unilever: Goldman Sachs reiterates

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Berenberg starts Intu, Capital & Regional at 'buy'

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