Hardman & Co Research
Hardman Talks Video| RECI
On 28 April 2021, Ravi Stickney of Cheyne Capital gave a presentation to investors on Hardman Talks about Real Estate Credit Investments (RECI). Watch it here: https://youtu.be/ASpzaJLG878
The audience heard how the business has enhanced its returns, buying bonds and indeed entering into new senior debt positions at stronger-than-previous rates. Having marked certain positions down through mark-to-market, these marks are reducing. In his presentation, Ravi outlined specific examples of how RECI had addressed its positions in its most COVID-exposed areas (i.e. hotels). The management is confident in the positions, which seem to be being readily worked through. On a broader basis, the model is intact. It uses modest gearing (the current balance sheet is 16% LTV geared) and low risk, with a high proportion of the book in senior loans and bonds. The visibility of the 7% returns being available on net assets remains high, if not higher than before.
Watch the recording: https://youtu.be/ASpzaJLG878
To be first in the know about Hardman & Co's latest digital events, subscribe to the mailing list here.
The Hardman Talks series is designed to share the latest sector insights and company investment cases from our corporate clients and our expert team of analysts. Click here to subscribe to the Hardman Talks channel on YouTube.
Hardman & Co | 1 Frederick's Place | London | EC2R 8AE | www.hardmanandco.com
Hardman & Co Research can still be accessed for free after MiFID II.
About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.
Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.
Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
End of Announcement - EQS News Service