Property investment company Eildon Capital is seeking to raise $10million to list on the ASX in February.
Eildon Capital Limited previously known as CVC Private Equity Limited, is an Australian investment management company focused on real estate. The company’s portfolio comprises of property investments in the retail, industrial, residential and commercial sector and has a total value of $22.4 million at the date of the prospectus. Since 2009 the Eildon Capital management team has invested over $282 million across 48 property investments.
Eildon Capital’s management team has a strong track record in investing in real estate assets having achieved a pre-tax profit of 20.9% per annum over the past 7 years. Realising value from property transactions whilst building a sustainable base of recurring income via rental income and loans is a value driver. Management targets the distribution of a quarterly dividend yielding ~5% pa.
The fund carries a concentration risk as all assets are invested in the real estate sector, thus the company’s portfolio is vulnerable to general property market trends. As the portfolio is relatively small, unfavourable transactions or price deterioration could have a significant impact on its net asset value and therefore the share price. Even though management is focused on generating recurring income, tightening conditions in the property market could have an adverse impact on the value of transactions, earnings and the dividend.
Eildon Capital offers profitable exposure to Australian property market trends. We are attracted to management track record, the current property portfolio and the undemanding valuation. Vulnerability to property market prices at this point of the cycle is a risk which may impair the company’s ability to realise value from its transactions or distribute dividends. The listing price is consistent with the company’s net asset value and the float seems to offer an attractive mix of capital growth and income for those seeking to gain exposure to the Australian property market.
Simon is a financial analyst at independent research firm Wise-owl specialised in small-mid cap growth opportunities and ethical investment opportunities. Simon's aim is to disrupt the cliché approach to investment decision making as he believes that socially and environmentally responsible behaviour is a necessity to long-term wealth creation. Simon has a deep fundamental understanding of the global financial landscape and has compiled 300+ research reports, valuations and corporate appraisals. Simon is commonly featured in major media outlets and his research is published weekly in The Australian.
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