Town Centre Securities (TOWN)

Sector:

Property Investment Trusts

Index:

FTSE Fledgling

 155.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 155.00
  • 52 Week Low: 110.00
  • Currency: UK Pounds
  • Shares Issued: 48.38m
  • Volume: 14,543
  • Market Cap: £74.99m

Key Financials

  £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 30-Jun-11 30-Jun-10 30-Jun-09
Annualisation Factor 1.0 1.0 1.0
Dividend Yield 5.4% 7.3% 6.5%
       
Continuing Operations      
PE Ratio - Adjusted 12.7 9.5 8.5
PE Ratio - Diluted 6.7
11.9		 1.9
10.5		 n/a
6.9
PEG - Adjusted 6.4 n/a n/a
PEG - Diluted n/a
0.6		 n/a
n/a		 n/a
n/a
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a
Operating Margin 97.82%
67.78%		 206.46%
65.19%		 (371.36%)
72.87%
       
Continuing & Discontinued Operations      
PE Ratio - Adjusted 12.7 9.5 8.5
PE Ratio - Diluted 6.7
11.9		 1.9
10.5		 n/a
6.9
PEG - Adjusted 6.4 n/a n/a
PEG - Diluted n/a
0.6		 n/a
n/a		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions)
Gearing 30-Jun-11 30-Jun-10 30-Jun-09
Net Gearing 91.67% 98.89% 172.88%

  £ (Millions) £ (Millions) £ (Millions)
Value Metrics 30-Jun-11 30-Jun-10 30-Jun-09
Price/Book Value 0.7 0.5 0.6
Price/Tangible Book Value 0.7 0.5 0.6
Price/ Cash Flow 17.3 12.9 16.8
Price/Revenue 4.53 3.26 2.44
Price/R&D n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 288.33p 269.37p 202.03p
Net Cash per Share n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 30-Jun-11 30-Jun-10 30-Jun-09
Continuing Operations      
Revenue 22.48 22.95 27.29
EBITDA 22.17
15.42		 47.53
15.11		 (100.85)
20.37
Depreciation (0.18)
(0.18)		 (0.15)
(0.15)		 (0.48)
(0.48)
Net Interest (6.78)
(6.78)		 (7.54)
(7.54)		 (11.31)
(11.31)
Profit Before Tax 15.45
8.70		 39.29
6.87		 (112.61)
8.60
       
Revenue per Share 42.39p 43.26p 51.42p
Pre-Tax Profit per Share 29.13p
16.40p		 74.06p
12.95p		 (212.23p)
16.21p
Market Capitalisation £ (Millions) 102.07 74.96 66.70
Enterprise Value (EV) £ (Millions) 242.23 215.39 221.51
EBITDA/EV 9.15%
6.37%		 22.07%
7.01%		 (45.53%)
9.19%
Operating Margin 97.82%
67.78%		 206.46%
65.19%		 (371.36%)
72.87%
Capital Employed £ (Millions) 293.06 284.23 292.54
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a
Invested Equity Capital £ (Millions) 152.90 142.91 107.20
       
Earnings per Share - Basic 28.80p
16.11p		 74.60p
13.46p		 (210.30p)
18.18p
Earnings per Share - Diluted 28.80p
16.11p		 74.60p
13.46p		 (210.20p)
18.18p
Earnings per Share - Adjusted 15.10p 14.80p 14.80p
Earnings per Share Growth - Basic -61%
20%		 n/a
-26%		 n/a
n/a
Earnings per Share Growth - Diluted -61%
20%		 n/a
-26%		 n/a
n/a
Earnings per Share Growth - Adjusted 2% n/a n/a
PE Ratio - Diluted 6.7
11.9		 1.9
10.5		 n/a
6.9
PEG - Diluted n/a
0.6		 n/a
n/a		 n/a
n/a
Tax Rate 0.84% (1.07%) 1.14%
Dividend Cover 1.45
1.54		 1.43
1.30		 1.82
2.23
Interest Cover 3.24
2.26		 6.16
1.90		 (8.70)
1.74
       
Continuing & Discontinued Operations      
Earnings per Share - Basic 28.80p
16.11p		 74.60p
13.46p		 (210.30p)
18.18p
Earnings per Share - Diluted 28.80p
16.11p		 74.60p
13.46p		 (210.20p)
18.18p
Earnings per Share - Adjusted 15.10p 14.80p 14.80p
Earnings per Share Growth - Basic -61%
20%		 n/a
-26%		 n/a
n/a
Earnings per Share Growth - Diluted -61%
20%		 n/a
-26%		 n/a
n/a
Earnings per Share Growth - Adjusted 2% n/a n/a
PE Ratio - Diluted 6.7
11.9		 1.9
10.5		 n/a
6.9
PEG - Diluted n/a
0.6		 n/a
n/a		 n/a
n/a
Dividend Cover 1.45
1.54		 1.43
1.30		 1.82
2.23
Return on Equity (ROE) 10.00%
5.59%		 27.69%
5.00%		 (104.07%)
9.00%
Operating Cash Flow per Share 11.12p 10.94p 7.49p
Gross Cash Flow per Share cn/a cn/a cn/a
Cash Incr/Decr per Share 0.59p 14.88p (7.46p)
Capital Expenditure per Share n/a n/a n/a
Dividend per Share 10.44p 10.36p 8.15p
Dividend per Share Growth 0.77% 27.12% n/a
Dividend Yield 5.4% 7.3% 6.5%
Shareholders Funds 152.90 142.91 107.20
Net Borrowings £ (Millions) 140.16 141.32 185.34
Net Asset Value per Share (inc. Intangibles) 288.33p 269.37p 202.03p

  £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 30-Jun-11 30-Jun-10 30-Jun-09
Shareholders' Funds inc Intangibles 152.90 142.91 107.20
Net Borrowings £ (Millions) 140.16 141.32 185.34
Net Gearing 91.67% 98.89% 172.88%
Cash & Near Cash n/a n/a n/a
Cash n/a n/a n/a
Gross Borrowings 140.16 141.32 185.34
Gross Gearing 91.67% 98.89% 172.88%
Borrowings Under 5 years 140.16 141.32 185.34
Under 5 years 91.67% 98.89% 172.88%
Borrowings Under 1 year n/a n/a n/a
Under 1 year n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 30-Jun-11 30-Jun-10 30-Jun-09
Shareholders' Funds exc Intangibles 152.90 142.91 107.20
Net Borrowings £ (Millions) 140.16 141.32 185.34
Net Gearing 91.67% 98.89% 172.88%
Cash & Near Cash n/a n/a n/a
Cash n/a n/a n/a
Gross Borrowings 140.16 141.32 185.34
Gross Gearing 91.67% 98.89% 172.88%
Borrowings Under 5 years 140.16 141.32 185.34
Under 5 years 91.67% 98.89% 172.88%
Borrowings Under 1 year n/a n/a n/a
Under 1 year n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions)
Cover 30-Jun-11 30-Jun-10 30-Jun-09
Quick Ratio n/a n/a n/a
Current Ratio 0.35 0.36 1.43

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 3: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 4: Normalised ratios are shown in blue text

Note 5: Forecast figures based on normalised accounts.

 

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