After a relatively comprehensive interim statement, publicity shy Mountview Estates (MTVW) reverted to form with its full-year announcement that revealed virtually nothing about the landlord's underlying performance, other than to say that trading remained positive over the year to March this year.
There was no repeat of the revaluation on its trading properties contained within the interim figures, which showed that trading stock was worth £666m against £318m presented on the books. However, given the strength of the residential property market, it would be fair to assume that trading stock is now worth considerably more.
Mountview owns a tenanted housing portfolio let on contracts signed before the rent reform laws in the 1980s. As a result, tenants cannot be moved out, and their rents are capped at sub-market rates. Significant gains on the value of the property are crystalised when the tenant dies or leaves. However, there have been no new regulated tenancies created for 27 years, so the portfolio is steadily contracting. No investment properties were bought or sold during the year.
The company's reported book value rose 8 per cent to £73.80, but add on the surplus value in the trading stock revealed at the interim stage, and this rises to £163.
| MOUNTVIEW ESTATES (MTVW) | ||||
|---|---|---|---|---|
| ORD PRICE: | 12,000p | MARKET VALUE: | £468m | |
| TOUCH: | 12,001-12,300p | 12-MONTH HIGH: | 12,900p | LOW: 7,501p |
| DIVIDEND YIELD: | 2.3% | TRADING PROPERTIES: | £323m | |
| PREMIUM TO NAV: | 63% | |||
| INVESTMENT PROP: | £29.4m | NET DEBT: | 21% | |
| Year to 31 Mar | Net asset value (p) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 5,510 | 23.6 | 435 | 165 |
| 2012 | 5,826 | 22.8 | 448 | 165 |
| 2013 | 6,260 | 28.9 | 568 | 175 |
| 2014 | 6,810 | 35.4 | 730 | 200 |
| 2015 | 7,380 | 40.0 | 816 | 275 |
| % change | +8 | +13 | +12 | +38 |
Ex-div: 23 Jul Payment: 24 Aug | ||||
