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Edison issues review on Round Hill Music Royalty

9 Jun 2023 10:40

RNS Number : 2659C
Round Hill Music Royalty Fund Ltd
09 June 2023
 

London, UK, 9 June 2023

 

Edison issues review on Round Hill Music Royalty Fund (RHM)

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 and net label share 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 market over-shadowed by a backdrop of rising interest rates and constrained household budgets. We view the size of the discount to NAV as overstated.

 

RHMRF showed an 18% NAV uplift in 2022 in total return terms, ahead of broad equity markets and its direct peer. The portfolio is valued using an 8.5% discount rate, still reasonably conservative despite rising interest rates and in line with its direct peer. The portfolio valuation has been recently corroborated by a second independent valuation (from FTI Consulting), giving additional confidence. Despite this, the discount to last reported NAV has widened significantly to 37.8% (from 5% at end-2021), broadly in line with its peer. The 'C' share conversion in May 2022 reduced dividend cover, which nevertheless improved to 0.98x in FY22 from 0.8x in H122. RHMRF anticipates the dividend to be fully covered in FY24, while in FY23 cover may be below 1.0x due to higher interest expenses amid rising interest rates.

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Date   Source Headline
15th Mar 200710:57 amRNSRule 8.3- RHM Plc
14th Mar 200712:59 pmRNSRule 8.3- RHM Plc
14th Mar 200712:09 pmRNSEPT Disclosure
14th Mar 200712:08 pmRNSEPT Disclosure
14th Mar 200712:08 pmRNSEPT Disclosure
14th Mar 200711:40 amBUSEPT Disclosure
14th Mar 200711:29 amRNSEPT Disclosure
14th Mar 200711:21 amRNSScheme of arrangement
14th Mar 200710:43 amRNSDirector/PDMR Shareholding
13th Mar 20072:20 pmRNSRule 8.3- RHM PLC
13th Mar 200711:44 amRNSEPT Disclosure
13th Mar 200711:41 amRNSEPT Disclosure
13th Mar 200711:40 amBUSEPT Disclosure
13th Mar 200711:40 amBUSEPT Disclosure
13th Mar 200711:37 amRNSEPT Disclosure
13th Mar 200710:44 amRNSRule 8.3- RHM
13th Mar 200710:19 amRNSEPT Disclosure
13th Mar 20078:59 amRNSRule 8.3- RHM PLC
12th Mar 20071:12 pmRNSEPT Disclosure
12th Mar 20071:06 pmRNSEPT Disclosure
12th Mar 200712:58 pmRNSRule 8.3- RHM Plc
12th Mar 200711:21 amRNSRule 8.3- RHM Plc
12th Mar 200711:10 amBUSEPT Disclosure
12th Mar 200711:02 amRNSRule 8.3- RHM plc
12th Mar 200711:01 amRNSEPT Disclosure
12th Mar 200710:20 amRNSEPT Disclosure
9th Mar 200712:51 pmRNSRule 8.3- RHM Plc
9th Mar 200712:08 pmRNSEPT Disclosure
9th Mar 200711:30 amBUSEPT Disclosure
9th Mar 200711:12 amRNSRule 8.3- (RHM)
9th Mar 200710:57 amRNSEPT Disclosure
9th Mar 200710:09 amRNSEPT Disclosure
8th Mar 200712:52 pmRNSEPT Disclosure
8th Mar 200712:37 pmRNSEPT Disclosure
8th Mar 200712:11 pmRNSRule 8.3- RHM plc
8th Mar 200711:27 amPRNRule 8.3 - RHM
8th Mar 200710:58 amRNSEPT Disclosure
8th Mar 200710:09 amRNSEPT Disclosure
7th Mar 200712:55 pmRNSRule 8.3- RHM Plc
7th Mar 200712:47 pmRNSRule 8.3- RHM Plc
7th Mar 200712:23 pmRNSEPT Disclosure
7th Mar 200712:21 pmRNSEPT Disclosure
7th Mar 200711:24 amPRNRule 8.3 - RHM
7th Mar 200710:45 amRNSEPT Disclosure
7th Mar 200710:03 amRNSEPT Disclosure
6th Mar 200712:14 pmRNSEPT Disclosure
6th Mar 200712:14 pmRNSEPT Disclosure
6th Mar 200711:33 amRNSEPT Disclosure
6th Mar 200710:16 amRNSRule 8.3- RHM Plc
6th Mar 200710:09 amRNSEPT Disclosure

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