Financials Regional REIT Limited

Equities

RGL

GG00BYV2ZQ34

Commercial REITs

Market Closed - London S.E. Other stock markets 11:35:15 2024-04-26 am EDT			5-day change	1st Jan Change
22.45 ^GBX	+2.51%		+3.22%	-36.22%

Apr. 16	System1 revenue jumps; Pathfinder amends deal	AN
Mar. 26	Regional REIT reduces dividend in challenging markets	AN

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	344.9	488.5	356	484.3	304.3	115.8	115.8	-
Enterprise Value (EV) ¹	614.9	806.7	665.2	861.2	689.2	181.5	441.9	398.9
P/E ratio	5.11 x	17.2 x	-11.5 x	14.9 x	-4.68 x	-2.69 x	-	-
Yield	8.7%	7.29%	7.76%	6.92%	11.2%	23.5%	21.4%	20.9%
Capitalization / Revenue	4.66 x	6.46 x	4.69 x	8.68 x	4.86 x	3.38 x	2.18 x	2.22 x
EV / Revenue	8.31 x	10.7 x	8.76 x	15.4 x	11 x	3.38 x	8.33 x	7.65 x
EV / EBITDA	16.7 x	18.3 x	15.9 x	19 x	13.5 x	4.21 x	11.4 x	10.7 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	372,821	431,507	431,507	515,737	515,737	515,737	515,737	-
Reference price ²	0.9250	1.132	0.8250	0.9390	0.5900	0.2245	0.2245	0.2245
Announcement Date	3/28/19	4/9/20	3/25/21	3/29/22	3/28/23	3/26/24	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	74.02	75.64	75.94	55.82	62.65	53.72	53.04	52.14
EBITDA ¹	36.79	44.06	41.95	45.24	51.22	43.09	38.7	37.26
EBIT	36.79	42.02	41.95	45.24	51.22	-	-	-
Operating Margin	49.7%	55.54%	55.24%	81.04%	81.77%	-	-	-
Earnings before Tax (EBT) ¹	67.94	26.25	-31.2	28.77	-65.17	-67.45	-	-
Net income ¹	67.37	26.51	-31	28.76	-65.16	-67.46	31.2	30.2
Net margin	91.02%	35.05%	-40.82%	51.51%	-104.02%	-125.57%	58.82%	57.93%
EPS ²	0.1810	0.0660	-0.0720	0.0630	-0.1260	-0.1310	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0805	0.0825	0.0640	0.0650	0.0660	0.0528	0.0480	0.0470
Announcement Date	3/28/19	4/9/20	3/25/21	3/29/22	3/28/23	3/26/24	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2023 S2
Net sales ¹	-	-	-	27.74
EBITDA	-	-	-	-
EBIT	-	-	-	-
Operating Margin	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-
Net income	-	-	-12.14	-
Net margin	-	-	-	-
EPS	-	-	-0.0240	-
Dividend per Share	0.0320	0.0330	-	-
Announcement Date	9/16/21	9/15/22	9/12/23	3/26/24

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	270	318	309	377	385	379	326	283
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.341 x	7.222 x	7.371 x	8.332 x	7.513 x	8.873 x	8.426 x	7.598 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share ²	-	-	-	-	-	0.0400	0.0500	0.0400
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/28/19	4/9/20	3/25/21	3/29/22	3/28/23	3/26/24	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Regional REIT Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

0.2245 GBP

Average target price

0.4 GBP

Spread / Average Target

+78.17%

Consensus

Annual profits - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
REGIONAL REIT LIMITED	-36.22%	144M
REALTY INCOME CORPORATION	-6.46%	46.25B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-8.31%	20.33B
SEGRO PLC	-3.56%	13.07B
UNIBAIL-RODAMCO-WESTFIELD SE	+16.05%	11.53B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-4.85%	9.68B
FEDERAL REALTY INVESTMENT TRUST	-0.83%	8.48B
CAPITALAND ASCENDAS REIT	-14.19%	8.38B
KLÉPIERRE	+1.38%	7.63B
FIBRA UNO	-18.42%	5.53B

Other Commercial REITs