Stenprop Limited (LSE & JSE: STP) is a Guernsey-registered UK REIT, listing on the London Stock Exchange in June 2018. The objective of the Company is to deliver sustainable growing income to its investors. Stenprop’s investment policy is to invest in a diversified portfolio of UK multi-let industrial (MLI) properties with the strategic goal of becoming the leading MLI business in the UK.
Stenprop is aiming to increase its exposure to the UK ‘Multi Let Industrial’ (MLI) from 40% to at least 60% in the next 12 months and 100% by 2021
| P&L | 2019 GBP | 2018 GBP |
|---|---|---|
| Net Rental Income | 33.9m | 32.9m |
| Net Operating Income | 28.5m | 29.7m |
| Dividend Per Share | 6.75p | 8p |
| Diluted IFRS EPS | 6.3p | 12.09p |
| Diluted adj. EPRA EPS | 8.84p | 9.09p |
| BALANCE SHEET | 2019 GBP | 2018 GBP |
|---|---|---|
| Portfolio valuation (inc JV) | 612.9 | 733.6 |
| Cash and cash equivalents | 57,435 | 24.55 |
| Total assets | 676.27 | 745 |
| Total liabilities | 226.26 | 266.78 |
| Net liabilities | 392.22 | 390.27 |
Management
Others
Numis Note (January 2019)
“In 2019, share prices will continue to be driven by sentiment towards capital values and discounts are likely to remain. In line with the direct market trends, we would expect those funds with a higher weighting towards Industrial and Alternative sectors to be able to deliver total returns ahead of IPF consensus, which is currently 3.2% for 2019. Those with a high Retail weighting are likely to remain out of favour with investors. Given the relatively high income yields on offer, the discounts to NAV are attractive for those looking to diversify income. However, it is difficult to see a major catalyst for discounts to narrow significantly in 2019, meaning investors will need to take a longer term view on total returns.”
Yorkshire Post: “How investment trusts can give your finances the competitive edge” (May 2019)
“(Carolyn Black of Mydletton Croft) tips Stenprop which invests in UK multi-let industrial sites, trading on 25 per cent discount but paying six per cent with scope to grow.”
Thisismoney.co.uk (Aug 2018)
“MITON GLOBAL OPPORTUNITIES: This investment trust is something of an oddball – but better for it“
Numis (House Broker – Jan 2019)
“In the meantime, we believe that [Stenprop] is well-resourced, both financially and from a management perspective, to continue to scale its UK operations and capture the strong market dynamics of a highly fragmented market. We believe its serviced industrial approach is an interesting differentiator. In the meantime, we believe the valuation looks attractive relative to other London SE listed Industrial peers, with the shares currently trading on an attractive discount and prospective yield of c.6.0% .”
