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REAL ESTATE CREDIT INVESTMENTS LIMITED

(RECI)
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Hardman & Co Research : Real Estate Credit Investments (RECI): Experience shows resilience of the model

08/12/2021 | 05:06am EST
Hardman & Co Research 
Hardman & Co Research: Real Estate Credit Investments (RECI): Experience shows resilience of the model 
12-Aug-2021 / 10:05 GMT/BST 
----------------------------------------------------------------------------------------------------------------------- 
Hardman & Co Research: Experience shows resilience of the model 
The key messages we take from RECI's July quarterly investor update and end-July 2021 factsheet are i) attractive 
returns from low LTV (average 65%) credit exposure to UK and European large, well-capitalised and experienced 
institutional borrowers, ii) stable dividends, at 3p per quarter (latest yield: 7.9%), iii) a highly granular book - 61 
positions, with the top position 14% of NAV (by commitment), iv) modest leverage - gross 29%, net 16.0% (with £44.4m 
cash on the balance sheet), and v) access to a strong pipeline of enhanced return investment opportunities identified 
by Cheyne. The premium to NAV (2%) is in line with pre-pandemic average levels. 
Please click on the link below for the full report: 
https://www.hardmanandco.com/research/corporate-research/experience-shows-resilience-of-the-model-2/ 
If you are interested in meeting the company, you can register your interest by clicking on the above link 
To contact us: 
                                   Contact: 
Hardman & Co 
1 Frederick's Place                Mark Thomas 
London                             Mike Foster        mt@hardmanandco.com 
                                                      mf@hardmanandco.com 
EC2R 8AE 
www.hardmanandco.com               +44(0)20 3693 7075 
Follow us on Twitter @HardmanandCo 

Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.

About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer. -----------------------------------------------------------------------------------------------------------------------

Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. -----------------------------------------------------------------------------------------------------------------------

1226015 12-Aug-2021

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1226015&application_name=news

(END) Dow Jones Newswires

August 12, 2021 05:05 ET (09:05 GMT)

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Financials
Sales 2022 51,5 M 58,1 M 58,1 M
Net income 2022 40,7 M 45,9 M 45,9 M
Net Debt 2022 - - -
P/E ratio 2022 10,6x
Yield 2022 9,06%
Capitalization 354 M 471 M 400 M
Capi. / Sales 2022 6,88x
Capi. / Sales 2023 5,61x
Nbr of Employees -
Free-Float 91,7%
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Mean consensus BUY
Number of Analysts 3
Last Close Price 1,55 €
Average target price 1,74 €
Spread / Average Target 12,8%
EPS Revisions
Managers and Directors
Robert Trevor Cowdell Non-Executive Chairman
John Edward Hallam Senior Independent Non-Executive Director
Sally-Anne Farnon Independent Non-Executive Director
Colleen McHugh Independent Non-Executive Director