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Eurocastle 2018

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155 Posts
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  1. RT2014 31 oktober 2018 11:26
    Ik zit er zo langzamerhand aan te denken om weer een positie in te nemen. Ondanks alle politieke turbulentie draait de Italiaanse economie nog steeds redelijk goed. Op korte termijn kunnen de plannen van de nieuwe regering zelfs een boost geven aan het economisch klimaat. Dobank lijkt bovendien te zijn gebodemd.
    Anderzijds is het beurssentiment momenteel nogal wispelturig en de liquiditeit van de aandelen Eurocastle slechter geworden. Op lange termijn is het plaatje ook minder rooskleurig. Italië heeft de hoogconjunctuur niet gebruikt om de economie te hervormen en de staatsfinanciën op orde te brengen. De nieuwe regering is ook niet van zins om dat te doen. Dat maakt het land extra kwetsbaar voor economisch mindere tijden.
    Ik zie op de website niet wanneer de 3e kwartaalcijfers worden gepubliceerd. Vorig jaar werden die eind november bekendgemaakt. Wellicht volgen er nog wat bijstellingen t.a.v. het verwachte rendement op de portefeuilles NPL's.
  2. RT2014 2 november 2018 10:10
    Krimp voor Italiaanse industrie
    Gepubliceerd op 2 nov 2018
    LONDEN (AFN) - De bedrijvigheid in de Italiaanse industrie heeft in oktober de scherpste krimp laten zien in bijna vier jaar. Dat meldde marktonderzoeker Markit. De industrie in Italië heeft te maken met een zwakkere wereldwijde vraag en de politieke onzekerheid in het land.

    De inkoopmanagersindex van Markit voor de industrie in Italië noteerde een stand van 49,2. In september kwam die uit op 50, wat betekent dat toen stagnatie was te zien. De consensus van economen lag op 49,7. De Italiaanse regering ligt overhoop met de Europese Commissie over de begrotingsplannen. Rome wil juist meer uitgeven om zo de economie te stimuleren, terwijl Brussel wil dat meer wordt gedaan om de hoge staatsschuld terug te dringen.
  3. Count Dis 9 november 2018 15:41
    doBank publiceerde vandaag prima 3Q18 cijfers en outlook.

    Consolidated financial highlights as at September 30, 2018 compared with September 30, 2017.
    ? Gross revenues: €161.9 million, +11% on €145.7 million;
    ? Net revenues: €145.9 million, +10% compared with €132.4 million;
    ? EBITDA: €54.4 million, +30% compared with €41.7 million;
    ? EBITDA margin: 34%, up 5 percentage points compared with 29%;
    ? Net profit: €34.8 million, +29% compared with €26.9 million;
    ? Net financial position: a positive (cash) €37.5 million, after dividend payments of €30.9 million (a
    positive €38.6 million at December 31, 2017);
    ? CET1: 29.1% compared with 26.4% at December 31, 2017 (CET1 of CRR Group at 24.4%
    compared with 29.8% at December 31, 2017).
    Portfolio under management
    ? Gross book value of assets under management (GBV) amounted to €83.5 billion (€76.7 billion at
    the end of 2017 and €78.9 billion at September 30, 2017), with the rise reflecting the progressive
    onboarding since the start of 2018 of new servicing contracts with a GBV of more than €12 billion. The
    GBV of assets under management amounted to €85.3 billion including the €1.8 billion contract awarded
    by Greece’s four systemic banks.
    ? Collections amounted to €1,334 million, +8% compared with €1,234 million at September 30, 2017.
    Developments in collections benefitted from a significant acceleration in the third quarter of the year,
    in line with expectations, reflecting the impact of the onboarding of new management contracts in the
    first half of the year. The sharp growth in collections in the third quarter of 2018 also reflected a
    favourable basis of comparison compared with the same period of 2017, a year in which annual
    collections were more highly concentrated in the first half of the year.

    OUTLOOK
    In line with the objectives of the 2018-2020 Business Plan, presented on June 19 this year, in 2018 the Group
    intends to continue strengthening its leadership in the credit servicing market.
    By obtaining new management contracts with a gross book value of between €15 billion and €17 billion and
    improving operating efficiency, the Group expects to achieve collections of more than €2 billion and, with the
    contribution of ancillary services as well, post gross revenues of over €230 million. The growth in revenues will
    be accompanied by an expansion of our operating margin (ordinary EBITDA margin), substantial cash
    generation and a dividend payout of at least 65% of ordinary consolidated net income.
  4. forum rang 5 shaai 14 november 2018 15:56
    ik heb zojuist een plukje Eurocastle gekocht:
    die hebben morgen voorbeurs cijfers, en dat moet imo haast wel meevallen. (gokje natuurlijk)
    die waren imo helemaal 'vergeten' en wegesukkeld in koers (Italy bad!)
    Italiaanse banken doen het vreselijk, maar DoBank lijkt uitgebodemd, en de cijfers van DoBank lijken mee te vallen met goede vooruitzichten: zie hierboven. En Dobank had meer performance fees als gevolg van hogere recoveries. Dus de cijfers van Eurocastle moeten haast wel goed zijn zou je dan zeggen. Gezien de overlap in portefeuilles.

    ellende Italiaanse banken betekent voor Eurocastle (en Dobank) qua NPL ook meer cherrypicking.
    NAV zo'n 9,5

    (€9.53 per share pro forma post share tender, en daarna stijgend effect van de sharebuybacks ruim onder NAV)
    en ze waren dus al erg keen om met tender in te kopen op 8 en een lopend share buyback uit te voeren: wat dat betreft verwacht ik ook qua 'bewoordingen'; dat ze de koers wel laag vinden.

    gekocht op 5,96
  5. Izette 15 november 2018 08:41
    Eurocastle Releases Financial Results for the Nine Months Ended 30 September 2018,
    Announces Third Quarter Dividend of €0.15 per share,
    Tender Offer to Repurchase up to €15 million of Ordinary Shares at €6.50 per ordinary share,
    Renewal of Share Buy-Back Programme and
    Appointment of Hammad Khan as Non-Executive Director
    Guernsey, 15 November 2018 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) today has released its financial results for
    the nine months ended 30 September 2018. In addition, the Company announces a tender offer (the “Tender Offer”) of up to €15 million
    of ordinary shares in the Company (“Ordinary Shares”) for a fixed price of €6.50 per Ordinary Share. In addition, the current programme
    to buy-back shares listed on Euronext ending 15 November 2018 will be renewed for a further period commencing on 20 December 2018
    following settlement of the Tender Offer (the “Share Buy-Back Programme”).
    ? Net Asset Value (“NAV”) of €418.7 million1, or €8.80 per share2 reflecting i) a quarterly net increase of €0.18 per share
    predominantly from the positive performance of ECT’s NPL portfolios (up €0.24 per share, or 12%, in the quarter) and ii) a €0 .76
    per share decrease due to doBank’s recent share price decline (investment marked at €9.50 per doBank share as at 30 September 18
    vs €11.30 as at 30 June 2018).
    ? Normalised FFO3 of €7.2 million, or €0.15 per share2, for the third quarter of 2018.
    ? Third Quarter 2018 Dividend of €0.15 per share declared on 14 November 2018 and to be paid on 29 November 2018 to
    shareholders of record at close of business on 22 November 2018, with an ex-dividend date of 21 November 2018
  6. Izette 15 november 2018 08:42
    THIRD QUARTER 2018 BUSINESS HIGHLIGHTS
    doBank Financial Performance
    ? Strong operational results for 9M18 with EBITDA (€54.4 million) and Net Income (€34.8 million) substantially up (by 30% and 29%
    respectively) versus 9M17.
    ? Key drivers were the progressive on-boarding of €12.1 billion of new mandates, helping take gross collections to €1.33 billion, up
    8% versus 9M17, together with an increase in the EBITDA margin by 5% to 34% demonstrating the operational leverage of the
    business.
    ? Recently awarded two new mandates with a total GBV of €2.8 billion bringing total new servicing contracts for the year to €15 billion
    GBV and total AUM to €84 billion.
    Positive NPL Performance
    ? Strong performance of the NPL portfolios drove valuations up by €0.24 per share, or 12% for the quarter5
    ? NPL portfolios continue to perform well through the unique expertise and active management by the Company’s Manager and its
    NPL Servicer, doBank, with the unlevered pace of life to date collections of the entire portfolio representing 129% of underwriting
    and unlevered profitability on fully resolved loans of 162% versus underwriting
  7. Izette 15 november 2018 08:43
    Share Tender and Open Market Buy-back
    ? In August, the Company closed on a fully subscribed share tender, repurchasing 5 million, or 9.48%, of the ordinary voting shares in
    issue; returning capital of €40 million at a 9% discount to the Q3 2018 NAV and an 11% premium to the share price at the time. The
    tender was earnings accretive, increasing Q3 NFFO per share by approximately 10.5%, or €0.01 per share, and Q3 NAV per share
    by approximately 1.7%, or €0.15 per share.
    ? Following the tender, on 6 August 2018, the Company implemented its first open market buyback programme. Up to 30 September
    2018, Eurocastle had bought back 106,605 ordinary shares at an average price of €7.03 per ordinary share, representing a 20%
    discount to Q3 NAV. As of 14 November 2018, a further €0.8 million of shares have been bought back. The current programme ends
    on 15 November 2018.
    BUSINESS HIGHLIGHTS SUBSEQUENT TO 30 SEPTEMBER 2018
    New Investment
    ? In November, Eurocastle committed to a €29.5 million investment to acquire a shared interest in a €675 million GBV portfolio of
    Italian NPLs. The portfolio is predominantly secured by real estate claims to SME borrowers and is expected to close by the end of
    November.
    Share Tender and Renewal of Share Buy-Back Programme
    ? Based on the success of the August share tender and buy-back programme, the Company is pleased to announce a new tender offer
    of up to €15 million at €6.50 per share together with a renewal of the share buy-back programme for an amount up to €2.0 million
    from 20 December 2018 to 6 March 2019. Further details are set out below.
    APPOINTMENT OF NEW DIRECTOR
    ? Eurocastle is pleased to announce the appointment of Mr. Hammad Khan to Eurocastle’s Board of Directors as a non-executive
    director, subject to completion of formalities. After giving effect to Mr. Khan’s appointment, the Board of Directors includes six
    directors.
    ? Mr. Khan is a representative of Eurocastle’s largest shareholder, which is an affiliate of EJF Capital LLC (EJF). Mr. Khan is a senior
    managing director, Europe, of EJF. Mr. Khan is also a senior member of the investment team for EJF Investments Manager LLC. Mr.
    Khan joined EJF’s London affiliate (EJF Capital Ltd) in March 2013. Mr. Khan is responsible for identifying investment opportunities
    in the European markets with a focus on the banking, insurance and specialty finance sectors. Mr. Khan previously worked at Oak
    Circle Capital LLC in New York as a credit analyst where he analyzed opportunities within the U.S. RMBS & CMBS sectors. Prior
    to joining Oak Circle Capital LLC, Mr. Khan worked at Ivy Square Ltd and Ceres Capital Partners LLC in New York where he
    analyzed investment opportunities in the credit markets. Mr. Khan holds a BA in International Economics from Suffolk University
    in Boston.
    For further information of the Company as at 30 September 2018, please refer to the Company’s new investor fact sheet found under the
    investor relations section on the Company’s website (www.eurocastleinv.com).
  8. Izette 15 november 2018 08:43
    NORMALISED FFO
    Normalised FFO (“NFFO”) is a non-IFRS financial measure that, with respect to all of the Company’s Italian Investments other than the
    doBank Group, recognises i) income on an expected yield basis updated periodically, allowing Eurocastle to report the run rate earnings
    from these investments in line with their expected annualised returns and ii) any additional gains or losses not previously recognised
    through NFFO at the point investments are realised. Cash flow receipts are therefore allocated by the Company between income and
    capital in accordance with this expected yield methodology. With respect to the doBank Group, following the IPO, the Company now
    recognises NFFO based on its share of doBank’s reported annual net income after tax together with any gains or losses arising from the
    sale of its shares. The income cash flow profile of each of the Company’s investments may not exactly equal the NFFO recognised by
    the Company each period but will do so over the life of each investment
  9. Izette 15 november 2018 08:44
    TENDER OFFER AND BUY-BACK PROGRAMME
    Background to and reasons for the Tender Offer and Share Buy-Back Programme
    Eurocastle and its Board of Directors (the “Board”) continuously monitor the Company’s balance sheet with the aim of maintaining an
    efficient capital structure while meeting the requirements to execute on the Company’s investment pipeline. In light of the discount at
    which Eurocastle has recently been trading to its net asset value (“NAV”) and the Company’s available cash, the Board believes that the
    implementation of the Tender Offer at an attractive premium to the prevailing share price provides liquidity to investors while representing
    an accretive and expeditious use of available cash. The Share Buy-Back Programme to follow the Tender Offer is seen by the Company
    as an additional means to continue to take advantage of any prevailing share price discount to its NAV over a prolonged period while also
    providing additional liquidity in its shares.
    The Tender Offer
    A circular (the “Circular”) to shareholders in relation to the Tender Offer has been posted on the Investor Relations section of the
    Company’s website under the tab “Periodic Reports and Shareholder Communications – Tender Offer”.
    The Tender Offer and the Share Buy-Back Programme are being undertaken pursuant to the authority passed at the Company’s Annual
    General Meeting held on 20 June 2018. The Tender Offer will remain open until 6.00 p.m. (CET) on 14 December 2018 and is being
    made at a price of €6.50 per existing Ordinary Share in issue (the “Tender Price”). The repurchase of Ordinary Shares by the Company
    pursuant to the Tender Offer will be carried out through ABN AMRO Bank N.V. acting for and on behalf of the Company as agent.
    The Tender Price has been set at €6.50 per share, representing a premium of 7.5% to the volume weighted average closing price on
    Euronext Amsterdam of €6.05 per Ordinary Share over the last month to 14 November 2018 (the latest practicable date before the
    publication of this announcement), and a discount of approximately 21.6% to the Company’s Pro Forma NAV1 of €8.29 per share as at
    14 November 2018.
    The Tender Offer will provide shareholders who are eligible with an opportunity to sell part or all of their Ordinary Shares and to receive
    their respective share of the cash which the Company is seeking to return. The Tender Offer will allow the Company to broaden the return
    of cash to include those shareholders whose Ordinary Shares might not otherwise be purchased by the Company through a general onmarket
    buyback.
    Each eligible shareholder will be entitled to sell up to 4.86 per cent. of the Ordinary Shares registered in their respective names on the
    record date under the Tender Offer, rounded down to the nearest whole number of Ordinary Shares. This is what is known as each eligible
    shareholder’s “Basic Entitlement”. All Ordinary Shares validly tendered by eligible shareholders up to their respective Basic Entitlement
    will be accepted and repurchased in full. Tendering shareholders may also be able to participate in the Tender Offer in excess of their
    Basic Entitlement to the extent that other eligible shareholders tender less than their respective Basic Entitlement, resulting in surplus
    Ordinary Shares (known as “Excess Tender Offer Shares”). Any Excess Tender Offer Shares will be repurchased from tendering
    Shareholders pro rata to the amount in excess of each eligible shareholder’s Basic Entitlement so tendered.
    The repurchase of Ordinary Shares by the Company will be carried out on-market through the available systems of Euronext. The Tender
    Offer will be financed through the use of the Company’s existing and available cash resources.
    The Tender Offer is available to eligible shareholders outside Canada and Japan in respect of the number of Ordinary Shares registered
    in those shareholders’ names at 6.00 p.m. (CET) on 14 December 2018.
    The formal terms and conditions of the Tender Offer are set out in the Circular and tender form. The results of the Tender Offer will be
    announced on 17 December 2018 and published on the Company’s website (www.eurocastleinv.com).
  10. Izette 15 november 2018 08:45
    Share Buy-Back Programme
    Under the Share Buy-Back Programme, Eurocastle is seeking to buy back shares up to an aggregate market value equivalent to €2.0
    million, subject to the limitation of the buy-back authority set out below. The Share Buy-Back Programme will commence following the
    settlement of the Tender Offer which is expected to occur on 20 December 2018.
    The buy-back will be conducted in Eurocastle’s ordinary shares listed on Euronext Amsterdam.
    The Share Buy-Back Programme will take place within the limitations of the authority granted to the Board at its Annual General Meeting
    held on 20 June 2018, pursuant to which the maximum number of shares to be bought back is 13,178,041. Taking into account the amount
    of shares repurchased by the Company up to 14 November 2018 (the latest practicable date) since the buyback authority was renewed,
    and in the event that the Tender Offer is fully subscribed, the maximum number of shares that could be bought back under the Share Buy-
    Back Programme would be 5,633,491.
    The Share Buy-Back Programme will also be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014, and
    the Commission Delegated Regulation (EU) 2016/1052.p
    The Share Buy-Back Programme will commence on 20 December 2018 and will end no later than 6 March 2019, at which point the Board
    will review the success of the programme and determine whether to renew the programme for a further period.
    Eurocastle has entered into a non-discretionary mandate with Liberum Capital Limited to conduct the Share Buy-Back Programme on its
    behalf and to make trading decisions under the programme independently of the Company within parameters set by the Board.
    Enquires: Please contact the Eurocastle Investor Relations at investorrelations@eurocastle.com or +1 (212) 479-3165.
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