Starwood European Real Estate Finan Results analysis from Kepler Trust Intelligence
22 Septiembre 2022 - 1:01AM
RNS Non-Regulatory
TIDMSWEF
Starwood European Real Estate Finan
22 September 2022
Starwood European Real Estate Finance (SWEF)
22/09/2022
Results analysis from Kepler Trust Intelligence
Starwood European Real Estate Finance (SWEF) has delivered
strong performance through a volatile economic environment, and
paid two quarterly dividends in the half in line with its 5.5p
target. These dividends were covered by net income (with some
adjustments made for currency movements which are not expected to
persist). They amount to an annualised yield of 5.6% on the share
price at the time of writing.
Despite the strong performance, the discount widened over the
period, moving from 8.8% to 11.4% as of 30/06/2022. The board has
reinitiated a buyback programme since the period end, and this has
helped bring the discount in to 4.2% at the time of writing.
In the event that the discount is 5% or wider in the six months
to 31/12/2022, the board, "May put forward a realisation offer to
Shareholders ('Realisation Offer'). The terms of such Realisation
Offer would provide, broadly, that Shareholders may request for up
to 75% of the Ordinary Shares in issue to be realised for cash. If
this mechanism is not activated, the Directors shall exercise the
discretion afforded to them under the Articles to put forward a
realisation vote (as an ordinary resolution) ("Realisation Vote")
to Shareholders by no later than 28 February 2023. The Board is
actively investigating and considering the options available to
them in the best interests of Shareholders. This process is ongoing
and the outcome uncertain at the current time."
Kepler View
This is another set of strong results for Starwood European Real
Estate Finance (SWEF). The loans have performed well and income has
been boosted by rising base rates feeding through into the coupons
received. Given market expectations of further rate rises to come,
this should improve the income cover situation further and in due
time, if sustained, maybe lead the board to consider an increased
payout. We think the discount narrowing is likely to reflect the
market recognising the uncertainty stemming from the pandemic is
now in the past, as well as the active buyback programme. With the
discount window now open for triggering a tender offer or
continuation vote, this should provide strong support for the share
price adding to the attractions of the shares in a troubled
market...
CLICK HERE TO READ THE FULL REPORT
Visit Kepler Trust Intelligence for more high quality
independent investment trust research.
Important information
This report has been issued by Kepler Partners LLP. The analyst
who has prepared this report is aware that Kepler Partners LLP has
a relationship with the company covered in this report and/or a
conflict of interest which may impair the objectivity of the
research.
Past performance is not a reliable indicator of future results.
The value of investments can fall as well as rise and you may get
back less than you invested when you decide to sell your
investments. It is strongly recommended that if you are a private
investor independent financial advice should be taken before making
any investment or financial decision.
Kepler Partners is not authorised to make recommendations to
retail clients. This report has been issued by Kepler Partners LLP,
is based on factual information only, is solely for information
purposes only and any views contained in it must not be construed
as investment or tax advice or a recommendation to buy, sell or
take any action in relation to any investment.
The information provided on this website is not intended for
distribution to, or use by, any person or entity in any
jurisdiction or country where such distribution or use would be
contrary to law or regulation or which would subject Kepler
Partners LLP to any registration requirement within such
jurisdiction or country. In particular, this website is exclusively
for non-US Persons. Persons who access this information are
required to inform themselves and to comply with any such
restrictions.
The information contained in this website is not intended to
constitute, and should not be construed as, investment advice. No
representation or warranty, express or implied, is given by any
person as to the accuracy or completeness of the information and no
responsibility or liability is accepted for the accuracy or
sufficiency of any of the information, for any errors, omissions or
misstatements, negligent or otherwise. Any views and opinions,
whilst given in good faith, are subject to change without
notice.
This is not an official confirmation of terms and is not a
recommendation, offer or solicitation to buy or sell or take any
action in relation to any investment mentioned herein. Any prices
or quotations contained herein are indicative only.
Kepler Partners LLP (including its partners, employees and
representatives) or a connected person may have positions in or
options on the securities detailed in this report, and may buy,
sell or offer to purchase or sell such securities from time to
time, but will at all times be subject to restrictions imposed by
the firm's internal rules. A copy of the firm's Conflict of
Interest policy is available on request.
PLEASE SEE ALSO OUR TERMS AND CONDITIONS
Kepler Partners LLP is authorised and regulated by the Financial
Conduct Authority (FRN 480590), registered in England and Wales at
70 Conduit Street, London W1S 2GF with registered number
OC334771.
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an
issuer is confirming that the information contained within this
announcement is of a non-regulatory nature. Reach announcements are
identified with an orange label and the word "Reach" in the source
column of the News Explorer pages of London Stock Exchange's
website so that they are distinguished from the RNS UK regulatory
service. Other vendors subscribing for Reach press releases may use
a different method to distinguish Reach announcements from UK
regulatory news.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRAEFLFLLKLLBBE
(END) Dow Jones Newswires
September 22, 2022 02:01 ET (06:01 GMT)
Starwood European Real E... (LSE:SWEF)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Starwood European Real E... (LSE:SWEF)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024