Stock data
| Market cap. | £61.9m |
| Last close | 199.00p |
| High / Low (52 weeks) | 266.0p / 192.0p |
| Stock market listing | AIM |
| Forecast net debt (£m) | 128.5 |
| Forecast gearing ratio (%) | 158 |
| Team | Property |
| Sector | Property |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | 3.38 | (8.51) | (22.64) |
| Relative * | 8.45 | (0.99) | (14.99) |
* % Relative to local index
Other companies covered in sector
| Y/E Mar | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2010A | 0.3 | (0.8) | (0.8) | (8.2) | N/A | N/A |
| 2011A | 4.4 | 2.5 | 0.8 | 6.3 | 31.6 | 9.8 |
| 2012E | 13.1 | 9.6 | 4.0 | 15.9 | 12.5 | 14.0 |
| 2013E | 15.4 | 11.9 | 5.6 | 18.0 | 11.1 | 4.7 |
Last updated on 20/04/2012
Latest research
Solid growth outlook
Update | Property | 30/03/2012
Acquisition-driven growth
Update | Property | 02/12/2011
£68m retail acquisitions
Update | Property | 08/08/2011
Growth gathering pace
Update | Property | 03/06/2011
Added value growth
Outlook | Property | 24/02/2011
Investment summary
Recent portfolio updates provide evidence of the group's ability to extract strong returns from its investments despite the tough UK retail market. A disposal in Great Yarmouth returned a 43.2% IRR in just five months. Lease renewals/extensions in Newcastle upon Tyne have enhanced asset values, while the acquisition of a long leasehold in Skegness (at a 9.5% NIY) and a freehold in Wallsend open up redevelopment opportunities and release capital value. The shares are attractive, supported by a c 8% prospective yield, substantial asset backing and potential for medium-term growth.
Last updated on 23/04/2012
Industry outlook
The investment focus on relatively resilient, better placed secondary retail centres and food and ‘value’ retailers underpins rental growth prospects and resilience of future cash flows, as these are less discretionary areas of consumer spending. The limited UK retail development pipeline will also support demand for affordable provincial units, to the benefit of selective investors/asset managers such as NRR.
Last updated on 23/04/2012
Key management
| Paul Roy, Chairman |
| David Lockhart, CEO |
| Mark Davies, FD |
Company address
| 28 Brook Street London W1K 5DH United Kingdom View website |
