9 Jul 2018 12:00
London, UK, 9 July 2018
Edison issues outlook on Circle Property (CRC)
Circle actively manages its assets, placing an emphasis on total returns rather than short-term income maximisation. With three significant office refurbishments recently completed and in various stages of letting, it continues to harvest the benefit in terms of rising income and capital values, supporting growing dividends and NAV. FY18 NAV total return was 28.3% and, since the February 2016 IPO, the compound annual total return has been 26.2% pa. With a positive supply-demand balance in regional office markets continuing, we believe there are more gains to come.
The shares have performed strongly over the past year, particularly since the April trading update ahead of FY18 results, to a large extent tracking the growth in NAV. Our revised forecasts show further growth in NAV and DPS over the next two years, leaving the shares at a c 20% discount to FY20e NAV and yielding 3.2% with a well-covered dividend.
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