News blog
CareCapital
- BY: Andrew Hore |
- POSTED: 08/04/2008 |
- COMMENTS: Add yours
CareCapital shares are trading at a 28% discount to their diluted NAV.
The healthcare properties developer and investor has a Government-backed rent roll so the risk is lower than for ordinary property companies. Yet the market price doesn’t reflect this. That is because of uncertainties about future funding. CareCapital has enough cash to carry along as it is but it needs more to take advantage of its growth potential.
The original plan was to raise money from a placing this spring. The markets have scuppered that plan. Management is looking at other ways of financing the growth, probably from institutional investors, but the shares are unlikely to pick up until these new plans come to fruition. This will show that development projects can progress as planned.
CareCapital has 23 long-term investment properties with a total of 88 tenants. Rent reviews are due on 23% of these properties. It has 13 development projects in the UK and four in Germany.
Group rental income jumped 58% to £2.12m, while pre-tax profit improved from £1.46m to £1.65m. That includes revaluation gains of £2.51m.
The diluted NAV is 22.3p a share.
The shares rose 0.5p to 16p, valuing the company at £12.3m
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