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MarketScreener Homepage  >  Equities  >  Irish Stock Exchange  >  Hibernia REIT plc    HBRN   IE00BGHQ1986

HIBERNIA REIT PLC

(HBRN)
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Ireland's Hibernia REIT sees nerves about UK crashing out of EU easing

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11/12/2019 | 04:19am EDT

Irish property firm Hibernia REIT, which mainly leases offices in Dublin, reported a 1.4% rise in EPRA net asset value (NAV) - reflecting the value of its buildings - and raised its interim dividend by 17% on Tuesday.

Irish firms put expansion plans on hold ahead of the missed Oct. 31 Brexit deadline but nerves have eased regarding the risk of Britain crashing out of the European Union without a deal, the company said.

"Definitely Brexit spooked some domestic companies but it seems like we've got a two-track market now, the FDI (foreign direct investment) guys, particularly in tech, have been continuing to take more space," CEO Kevin Nowlan told Reuters in a telephone interview.

"Those companies are getting a bit more relaxed about what's going to happen and I think there is going to be a solution to Brexit. Post October 31, there has definitely been an uptick," Nowlan said.

Hibernia's EPRA net asset value (NAV) rose to 175.7 euro cents at the end of September from 173.3 cents six months earlier.

The firm raised its interim dividend by 17% to 1.75 cents per share.

Hibernia's vacancy rate of 12% would likely have been lower without the 8 to 10 week hiatus that led to a change of strategy at one of its prime Dublin buildings, 2 Windmill Lane, where it is focusing on attracting one or two larger tenants rather than letting floor by floor.

Nowlan added that proposals for how big multinationals are taxed around the globe will have an impact on Ireland, whose low corporate tax rate has proved a magnet for such firms, but the new rules are unlikely to fundamentally change Ireland's appeal.

"I don't think they are massive game changers," he said.

(Reporting by Padraic Halpin; editing by Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRITISH POUND (EUR/GBP) 0.43% 0.89248 Delayed Quote.5.37%
HIBERNIA REIT PLC -0.72% 1.11 Delayed Quote.-20.71%
MERITOR, INC. 3.01% 21.875 Delayed Quote.-18.94%
RISE, INC. 0.00% 23 End-of-day quote.-23.33%
SPACE CO.,LTD. 0.40% 1013 End-of-day quote.-20.67%
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Financials
Sales 2020 59,9 M 67,1 M 67,1 M
Net income 2020 36,5 M 40,8 M 40,8 M
Net Debt 2020 246 M 275 M 275 M
P/E ratio 2020 22,1x
Yield 2020 3,94%
Capitalization 766 M 856 M 857 M
EV / Sales 2019
EV / Sales 2020 16,9x
Nbr of Employees 36
Free-Float 96,2%
Chart HIBERNIA REIT PLC
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Technical analysis trends HIBERNIA REIT PLC
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Average target price 1,63 €
Last Close Price 1,12 €
Spread / Highest target 57,4%
Spread / Average Target 45,8%
Spread / Lowest Target 34,2%
EPS Revisions
Managers
NameTitle
Kevin Nowlan Chief Executive Officer & Executive Director
Daniel John Kitchen Independent Non-Executive Chairman
Frank O'Neill Operations Director
Thomas Edwards-Moss Chief Financial Officer & Executive Director
Colm Barrington Senior Independent Non-Executive Director
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