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Reported profits for the year to 31 March 2012 were well down on the prior year because the property market has been virtually flat, depriving the company of the huge revaluation surpluses that swelled the balance sheet in 2009 and 2010. Strip these out – along with derivative movements and costs associated with the fund’s expensive transformation into a real-estate investment trust – and adjusted profits rose by 52 per cent to £24m.
Net asset value (NAV) per share fell, though, because reported profits could not match the 6.8p paid in dividends during the year. Mr Mould, nonetheless, insists that progressive dividends are sustainable because of the potential acquisition pipeline.
Broker Peel Hunt expects adjusted NAV of 113p next March (113p in March 2012).
Year to 31 MarNet asset value (p)Pre-tax profit (£m)Earnings per share (p)Dividend per share (p)
Ex-div: 13 Jun
Payment: 13 Jul
London & Stamford made super-profits by buying at the bottom in 2009. But it probably won’t be able to repeat the trick in today’s less panicked market, leaving the shares looking up with events on a slim discount to NAV. Hold.
Last IC view: Hold, 109p, 18 Jan 2012
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