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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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All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Fiona Orford-Williams +44 (0)20 3077 5739 investmenttrusts@edisongroup.com

Michal Mordel +44 (0)20 3077 5739 investmenttrusts@edisongroup.com

Milo Bussell +44 (0)20 3077 5739 investmenttrusts@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn www.linkedin.com/company/edison-group-/

Twitter www.twitter.com/Edison_Inv_Res

YouTube www.youtube.com/edisonitv

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NRAFIFVARRIAIIV
Date   Source Headline
14th Sep 202312:03 pmRNSForm 8.5 (EPT/RI)-Round Hill Music Royalty Amend
14th Sep 202310:13 amRNSForm 8.3 - Round Hill Royalty Fund Limited
13th Sep 20234:15 pmRNSForm 8.3 - Round Hill Music Royalty Fund Ltd
13th Sep 20233:30 pmGNWForm 8.3 - Round Hill Music Royalty Fund Limited
13th Sep 20233:00 pmBUSForm 8.3 - RHM LN
13th Sep 20232:37 pmRNSForm 8.5 (EPT/RI)-Round Hill Music Royalty Amend
13th Sep 20231:53 pmRNSForm 8.3 - Round Hill Royalty Fund Limited
13th Sep 20231:50 pmRNSForm 8.3 - Round Hill Royalty Fund Limited
13th Sep 20231:48 pmRNSForm 8.3 - Round Hill Royalty Fund Limited
13th Sep 202311:20 amRNSForm 8.5 (EPT/RI)-Round Hill Fund Limited
13th Sep 202310:00 amRNSNotice of Half Year Results
13th Sep 20237:00 amRNSForm 8.3 - Round Hill Music Royalty Fund Limited
12th Sep 20235:02 pmRNSForm 8.3 - Round Hill Music Royalty Fund Limited
12th Sep 20234:48 pmRNSForm 8.3 - [ROUND HILL MUSIC ROYALTY LTD ORD NPV]
12th Sep 20233:59 pmRNSForm 8.3 - Round Hill Music
12th Sep 20233:00 pmBUSForm 8.3 - RHM LN
12th Sep 20232:31 pmRNSForm 8.5 (EPT/NON-RI)
12th Sep 20232:22 pmRNSForm 8.5 (EPT/NON-RI)
12th Sep 20231:06 pmRNSForm 8.3 - Round Hill Music Royalty Fund Limited
12th Sep 202310:55 amRNSForm 8.3 - Round Hill Music Royalty Fund Ltd
12th Sep 202310:50 amRNSForm 8.5 (EPT/RI-Round Hill Music Royalty Fund
12th Sep 202310:44 amRNSForm 8.3 - Round Hill Music Royalty Fund Limited
12th Sep 202310:35 amRNSForm 8.3 - Round Hill Music
12th Sep 20239:50 amRNSForm 8.3 - Round Hill Music Royalty Fund Ltd
12th Sep 20238:10 amRNSForm 8.3 - Round Hill Music Royalty Fund Limited
12th Sep 20237:00 amRNSForm 8.3 - Round Hill Music Royalty Fund Limited
11th Sep 20234:35 pmRNSForm 8.5 (EPT/NON-RI)
11th Sep 20233:30 pmRNSForm 8.3 - Round Hill Music Royalty Fund Ltd
11th Sep 20233:27 pmRNSForm 8.3 - Round Hill Music Royalty Fund Ltd
11th Sep 20233:25 pmBUSForm 8.3 - Round Hill Music Royalty Fund Limited
11th Sep 20233:02 pmRNSForm 8.3 - Round Hill Music Royalty Fund Limited
11th Sep 20233:00 pmBUSForm 8.3 - RHM LN
11th Sep 20232:08 pmRNSForm 8.3 - Round Hill Music Royalty Fund Limited
11th Sep 20232:04 pmRNSForm 8.3 - Round Hill Music Royalty Fund Limited
11th Sep 20231:47 pmBUSForm 8.3 - Round Hill Music Royalty Fund Limited
11th Sep 20231:05 pmBUSForm 8.3 - ROUND HILL MUSIC ROYALTY FUND LIMITED
11th Sep 202311:58 amRNSForm 8.3 - Round Hill Music Royalty Fund Limited
11th Sep 202311:56 amGNWForm 8.3 - Round Hill Music Royalty Fund Limited
11th Sep 202311:51 amRNSForm 8.5 (EPT/RI)-Round Hill Music Royalty Fund
11th Sep 202311:32 amRNSForm 8.3 - Round Hill Music Royalty Fund Limited
11th Sep 20239:47 amRNSForm 8.3 - Round Hill Music Royalty Fund Limited
8th Sep 20235:33 pmRNSForm 8.3 - Round Hill Music
8th Sep 20233:09 pmRNSForm 8.3 - Roundhill Music Royalty Fund Ltd
8th Sep 20233:04 pmRNSForm 8.3 - Round Hill Music Royalty Fund Ltd
8th Sep 20231:08 pmRNSForm 8.3 - Round Hill Music Royalty Fund Ltd
8th Sep 202311:05 amRNSForm 8.3 - Round Hill Music
8th Sep 20237:00 amRNSNet Asset Value(s)
5th Sep 20231:15 pmRNSHolding(s) in Company
31st Aug 20237:00 amRNSDividend Declaration
31st Aug 20237:00 amRNSNet Asset Value(s)

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