Sirius Real Estate Limited - Revision history

95.149.241.163 at 15:23, 19 February 2023

2023-02-19T15:23:45Z

← Older revision		Revision as of 16:23, 19 February 2023
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	\|1,875		\|1,875
	\|}		\|}
	~~<references />~~


	~~Relative valuation approach~~

			=== Relative valuation approach ===
	As noted earlier in this report, research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the discounted cash flow approach, so that's the approach that Stockhub suggests using to determine the estimated value of the company (the valuation based on the discounted cash flow approach can be found in the valuation section of this report); nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the relative valuation approach.		As noted earlier in this report, research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the discounted cash flow approach, so that's the approach that Stockhub suggests using to determine the estimated value of the company (the valuation based on the discounted cash flow approach can be found in the valuation section of this report); nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the relative valuation approach.

95.149.241.163 at 14:59, 19 February 2023

2023-02-19T14:59:23Z

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	\|-		\|-
	\|What is the euros to pounds foreign exchange conversion rate?		\|What is the euros to pounds foreign exchange conversion rate?
	\|1.13		\|0.89
	\|For simplicity, we have used the rate as of today (1:0.89).		\|For simplicity, we have used the rate as of today (1:0.89).
	\|-		\|-
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	\|What is the expected constant growth rate in dividends?		\|What is the expected constant growth rate in dividends?
	\|8%		\|8%
	\|We note that the gross domestic product (GDP) growth rate in the last 20 years (2001 to 2022) is around 3% per year for the global economy, and around 2.25% for the United Kingdom. ~~Since~~ the ~~company's inception (i.e. eight years ago)~~, the ~~median~~ dividend of the ~~company is 1.57%. Further information about~~ the ~~company's dividend pay-outs can be found~~ in the ~~appendix section of this report~~.		\|Research shows that there's a correlation between GDP growth and the dividend growth of Real Estate Investment Trusts (REITs), such as Sirius. We note that the gross domestic product (GDP) growth rate in the last 20 years (2001 to 2022) is around 3% per year for the global economy, and around 2.25% for the United Kingdom and 1.95% for Germany. Given that Sirius is leveraged and the size of the leverage, we expect the dividend growth of the business to be much more than the GDP growth of the two countries in which the company operates (i.e. the United Kingdom and Germany).
	\|-
	~~\|What is~~ the ~~half life of the initial dividend growth rate?~~
	~~\|7 years~~
	~~\|We suggest using 7 years~~.
	\|-		\|-
	\|Which financial forecasts to use?		\|Which financial forecasts to use?
	\|Proactive Investors		\|Proactive Investors
	\|Here, we have used the forecasts ~~of Proactive Investors~~.		\|Here, we have used our own forecast. To calculate the company's two year ahead dividend forecast figure (i.e. the relevant forecast figure for our model), we multiplied the current dividend figure (i.e. historic forecasts) by our estimated constant free cash flow growth rate.
	\|-		\|-
	\|What is the required return on equity?		\|What is the required return on equity?
	\|12.24%		\|12.24%
	\|For estimating the required return on equity, we used the Capital Asset Pricing Model (CAPM), which provides an economically grounded and relatively objective procedure for required return estimation, and, therefore, it has been widely used in valuation. The calculation of the required return on equity (and the reasons behind the calculation) can be found in the table below.		\|For estimating the required return on equity, we used the Capital Asset Pricing Model (CAPM), which provides an economically grounded and relatively objective procedure for required return estimation, and, therefore, it has been widely used in valuation. The calculation of the required return on equity (and the reasons behind the calculation) can be found in the table below.
			\|-
			\|What is the euros to pounds foreign exchange conversion rate?
			\|0.89
			\|For simplicity, we have used the rate as of today (1:0.89).
	\|-		\|-
	\|What's the current value of the company?		\|What's the current value of the company?

95.149.241.163: /* What are the assumptions used to estimate the return? */

2023-02-19T14:53:59Z

What are the assumptions used to estimate the return?

← Older revision		Revision as of 15:53, 19 February 2023
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	\|What is the expected constant growth rate in free cash flow?		\|What is the expected constant growth rate in free cash flow?
	\|4%		\|4%
	\|Research shows that there's a ~~strong~~ correlation between GDP growth and ~~property income~~ growth, ~~which is the main way that~~ Sirius ~~makes its money~~. We note that the gross domestic product (GDP) growth rate in the last 20 years (2001 to 2022) is around 3% per year for the global economy, and around 2.25% for the United Kingdom and 1.95% for Germany. Given that ~~the business~~ is leveraged, and the size of the leverage, we expect the business to ~~grow at~~ much more than the ~~weighted average~~ GDP of the two ~~main~~ countries in which the company operates (i.e. the United Kingdom and Germany).		\|Research shows that there's a correlation between GDP growth and the free cash flow (FCF) growth of Real Estate Investment Trusts (REITs), such as Sirius. We note that the gross domestic product (GDP) growth rate in the last 20 years (2001 to 2022) is around 3% per year for the global economy, and around 2.25% for the United Kingdom and 1.95% for Germany. Given that Sirius is leveraged and the size of the leverage, we expect the FCF growth of the business to be much more than the GDP growth of the two countries in which the company operates (i.e. the United Kingdom and Germany).
	\|-		\|-
	\|Which financial forecasts to use?		\|Which financial forecasts to use?
	\|Proactive Investors.		\|Proactive Investors.
	\|Here, we have used ~~assumed that~~ the company's free cash ~~flows~~		\|Here, we have used our own forecast. To calculate the company's two year ahead free cash flow forecast figure (i.e. the relevant forecast figure for our model), we multiplied the (median) average free cash flow figure of the company's most recent three years (i.e. historic forecasts) by our estimated constant free cash flow growth rate.
	the ~~weighted~~ average free cash ~~flows~~ of the most ~~years~~ three years (i.e. historic forecasts).
	\|-		\|-
	\|What is the required return on equity?		\|What is the required return on equity?
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	The main inputs that result in the greatest change in the expected return of the Sirius Real Estate Limited investment are, in order of importance (from highest to lowest):		The main inputs that result in the greatest change in the expected return of the Sirius Real Estate Limited investment are, in order of importance (from highest to lowest):

	#The ~~size of the total addressable market~~ (the default ~~size~~ is $xxx ~~trillion~~);		# The Year-two forward FFO forecast (the default forecast is $xxx million);
	#~~Sirius Real Estate Limited peak market share~~ (the default ~~share~~ is ~~xxx~~%); and		# The constant growth rate in free cash flow (the default forecast is ccc%); and
	#The ~~discount rate~~ (the default ~~time-weighted average rate~~ is ~~xxx~~%).		# The required return on equity (the default forecast is 12.24%).

	The impact of a 10% change in those main inputs to the expected return of the Sirius Real Estate Limited investment is shown in the table below.		The impact of a 10% change in those main inputs to the expected return of the Sirius Real Estate Limited investment is shown in the table below.

95.149.241.163: /* What are the assumptions used to estimate the return? */

2023-02-19T14:11:12Z

What are the assumptions used to estimate the return?

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95.149.241.163 at 13:40, 19 February 2023

2023-02-19T13:40:27Z

← Older revision		Revision as of 14:40, 19 February 2023
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	\|Which type of DCF model do you want to use?		\|Which type of DCF model do you want to use?
	\|Free cash flow		\|Free cash flow
	\|While Sirius has paid a dividend every year since ~~its public listing~~ (in ~~ccc~~), at the moment, the growth rate of the dividend varies materially; accordingly, we suggest valuing the business using the free cash flow valuation ~~method~~ (rather than the dividend discount model). Nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the dividend discount model (the valuation based on the dividend discount model can be found in the appendix of this report).		\|While Sirius has paid a dividend every year since the company's incorporation (in 2002), at the moment, the growth rate of the dividend varies materially; accordingly, we suggest valuing the business using the free cash flow valuation approach (rather than the dividend discount model approach). Nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the dividend discount model (the valuation based on the dividend discount model can be found in the appendix of this report).
	\|-		\|-
	\|Which financial forecasts to use?		\|Which financial forecasts to use?

95.149.241.163 at 15:09, 17 February 2023

2023-02-17T15:09:39Z

← Older revision		Revision as of 16:09, 17 February 2023
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	\|Which type of discounted cash flow model do you want to use?		\|Which type of discounted cash flow model do you want to use?
	\|Dividend discount model		\|Dividend discount model
	\|~~The policy~~ of ~~Sirius~~ to pay out 65% or more of funds from operations (FFO) as dividends. Accordingly, we suggest using the dividend discount model (DDM), which is one of the most common discounted cash flow models.		\|Given Sirius' UK REIT status, the company must pay at least 90% of its UK tax-exempt profits (being rental income after deducting finance costs, overheads and tax depreciation) to shareholders as dividends. Also as a German REIT (or G-REITs, for short), the company is required to distribute at least 90% of all income (i.e. rental income and non rental income, such as the income from the sale of properties). Furthermore, the company has stated that one of its policies is to pay out 65% or more of funds from operations (FFO) as dividends. Accordingly, we suggest using the dividend discount model (DDM), which is one of the most common discounted cash flow models.
	\|-		\|-
	\|How many distinct stage of growth do you want to use?		\|How many distinct stage of growth do you want to use?
	\|~~Two stages~~		\|One stage
	\|For simplicity, we have used ~~two stages~~ here.		\|For simplicity, we have used one stage here.
	\|-
	~~\|What is the transition between the two growth stages?~~
	~~\|Smooth~~
	~~\|We suggest a smooth transition, and, therefore, we suggest using the H-Model~~.
	\|-		\|-
	\|What is the expected lifespan of the business?		\|What is the expected lifespan of the business?
	\|Perpetual		\|Perpetual
	\|Again, for simplicity, we have assumed that the business continues forever.		\|Again, for simplicity, we have assumed that the business continues forever.
	\|-
	~~\|What is the expected initial growth rate of dividends?~~
	~~\|36%~~
	\|
	\|-		\|-
	\|What is the expected constant growth rate in dividends?		\|What is the expected constant growth rate in dividends?
	\|3%		\|8%
	\|We note that the gross domestic product (GDP) growth rate in the last 20 years (2001 to 2022) is around 3% per year for the global economy, and around 2.25% for the United Kingdom. Since the company's inception (i.e. eight years ago), the median dividend of the company is 1.57%. Further information about the company's dividend pay-outs can be found in the appendix section of this report.		\|We note that the gross domestic product (GDP) growth rate in the last 20 years (2001 to 2022) is around 3% per year for the global economy, and around 2.25% for the United Kingdom. Since the company's inception (i.e. eight years ago), the median dividend of the company is 1.57%. Further information about the company's dividend pay-outs can be found in the appendix section of this report.
	\|-		\|-
	\|What is the half life of the initial dividend growth rate?		\|What is the half life of the initial dividend growth rate?
	\|7.5 years		\|7 years
	\|We suggest using 7.5 years.		\|We suggest using 7 years.
	\|-		\|-
	\|Which financial forecasts to use?		\|Which financial forecasts to use?
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	\|-		\|-
	\|What is the required return on equity?		\|What is the required return on equity?
	\|9.~~479~~%		\|12.24%
	\|For estimating the required return on equity, we used the Capital Asset Pricing Model (CAPM), which provides an economically grounded and relatively objective procedure for required return estimation, and, therefore, it has been widely used in valuation. The calculation of the required return on equity (and the reasons behind the calculation) can be found in the table below.		\|For estimating the required return on equity, we used the Capital Asset Pricing Model (CAPM), which provides an economically grounded and relatively objective procedure for required return estimation, and, therefore, it has been widely used in valuation. The calculation of the required return on equity (and the reasons behind the calculation) can be found in the table below.
	\|-		\|-

155.198.14.108 at 16:57, 16 February 2023

2023-02-16T16:57:57Z

← Older revision		Revision as of 17:57, 16 February 2023
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	~~A combination of the diversity of the group’s tenant base and wide range of space offerings is beneficial to Sirius and will be another key element to help the company grow over the next few years.~~ Sirius’ portfolio includes industrial, manufacturing, urban logistics/production, storage and out of town office space that caters to multiple usages and a vast range of sizes and tenant types. The diversity of the company’s tenant base ranges from large stable and long-term anchor tenants through to the flexible SME and private customers who are the engine room of any economy.		Sirius’ portfolio includes industrial, manufacturing, urban logistics/production, storage and out of town office space that caters to multiple usages and a vast range of sizes and tenant types. The diversity of the company’s tenant base ranges from large stable and long-term anchor tenants through to the flexible SME and private customers who are the engine room of any economy.

	Germany		Germany
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	Introduction		Introduction

	Sirius continues to operate largely in Germany where it owns and manages a well-diversified portfolio of mature business park assets, as well as those where there is an opportunity to add value through asset management. Last year, the company also acquired BizSpace, a leading provider of regional flexible workspace across the UK, offering light industrial, workshop, studio and office units to a wide range of businesses. The acquisition complements Sirius’ existing platform and allows for meaningful operational and financial synergies. Sirius’ portfolio in the UK and Germany continues to increase in size through a combination of organic and acquisitive growth underpinned by the ~~Company’s~~ internal operating platform.		Sirius continues to operate largely in Germany where it owns and manages a well-diversified portfolio of mature business park assets, as well as those where there is an opportunity to add value through asset management. Last year, the company also acquired BizSpace, a leading provider of regional flexible workspace across the UK, offering light industrial, workshop, studio and office units to a wide range of businesses. The acquisition complements Sirius’ existing platform and allows for meaningful operational and financial synergies. Sirius’ portfolio in the UK and Germany continues to increase in size through a combination of organic and acquisitive growth underpinned by the company’s internal operating platform.

	In Germany, the primary focus is to build a “critical mass” around its “big seven” cities of: Berlin, Hamburg, Düsseldorf, Cologne, Frankfurt, Stuttgart and Munich. The ~~Company~~ has a secondary focus on a selection of key border towns where we can reap the benefits of markets on both sides of the border and the periphery of the “big seven” cities. The ~~Company~~ provides in the region of 1.8 million sqm of manufacturing, storage and office space. To maximise the utilisation of space, Sirius has developed a range of high-yielding products including serviced offices, self-storage and workboxes which have their own Smartspace brand and are particularly popular with tenants seeking flexible solutions to their accommodation needs. The products are usually created through investment into space that other owners may regard as a structurally void and then using the capability of the in-house sales and marketing teams to let these at premium rental rates. The ~~Company’s~~ tenant base is diverse ranging from multinational corporations and government agencies to SMEs within the German Mittelstand and individual tenants.		In Germany, the primary focus is to build a “critical mass” around its “big seven” cities of: Berlin, Hamburg, Düsseldorf, Cologne, Frankfurt, Stuttgart and Munich. The company has a secondary focus on a selection of key border towns where it can reap the benefits of markets on both sides of the border and the periphery of the “big seven” cities. The company provides in the region of 1.8 million sqm of manufacturing, storage and office space. To maximise the utilisation of space, Sirius has developed a range of high-yielding products including serviced offices, self-storage and workboxes which have their own Smartspace brand and are particularly popular with tenants seeking flexible solutions to their accommodation needs. The products are usually created through investment into space that other owners may regard as a structurally void and then using the capability of the in-house sales and marketing teams to let these at premium rental rates. The company’s tenant base is diverse ranging from multinational corporations and government agencies to SMEs within the German Mittelstand and individual tenants.

	In the UK, BizSpace is a leading provider of regional flexible workspace. Offering office, studio and workshop units to a wide range of businesses in convenient regional locations. The ~~Company~~ provides in the region of 4.3 million sq. ft across 72 sites. The business provides Sirius with a unique opportunity to enter, at scale, an under-served wider UK market with the one-step acquisition of an established platform. Additionally, it provides Sirius with a high-quality portfolio in a supply constrained market and offers significant organic growth potential in rental pricing. BizSpace’s tenant base is similarly diverse, ranging from multinational businesses to manufacturing-focused SMEs and individual tenants.		In the UK, BizSpace is a leading provider of regional flexible workspace. Offering office, studio and workshop units to a wide range of businesses in convenient regional locations. The company provides in the region of 4.3 million sq. ft across 72 sites. The business provides Sirius with a unique opportunity to enter, at scale, an under-served wider UK market with the one-step acquisition of an established platform. Additionally, it provides Sirius with a high-quality portfolio in a supply constrained market and offers significant organic growth potential in rental pricing. BizSpace’s tenant base is similarly diverse, ranging from multinational businesses to manufacturing-focused SMEs and individual tenants.

	The German market		The German market

	Germany remains comfortably the largest economy in the European Union and the fourth largest in the world after the USA, China and Japan. It has maintained its reputation as an industrial powerhouse with a strong export-focused economy characterised by low unemployment. Relative to many other European economies, Germany performed well through the Covid-19 crisis and, notwithstanding the impact of recent events in Ukraine and related economic effects, is projected to grow strongly in 2022. At the time of writing, which was before the material escalation of events in Ukraine, the OECD predicted 4.1% GDP growth in 2022 and a further 2.4% in 2023.<ref>https://www.oecd.org/economy/united-kingdom-economic-snapshot/</ref> It expects a strong potential rebound in manufacturing if supply restraints begin to recede, with interest rates and unemployment projected to remain relatively low. Following more recent events in the Ukraine it is clear forecasts of economic growth will need to be revisited with many commentators pointing to significant inflationary pressure particularly in relation to utilities and the likelihood of interest rate increases.		Germany remains comfortably the largest economy in the European Union and the fourth largest in the world after the USA, China and Japan. It has maintained its reputation as an industrial powerhouse with a strong export-focused economy characterised by low unemployment. Relative to many other European economies, Germany performed well through the Covid-19 crisis and, notwithstanding the impact of recent events in Ukraine and related economic effects, is projected to grow strongly in 2022. At the time of writing, which was before the material escalation of events in Ukraine, the OECD predicted 4.1% GDP growth in 2022 and a further 2.4% in 2023.<ref>https://www.oecd.org/economy/united-kingdom-economic-snapshot/</ref>

	Commercial real estate transaction volumes in Germany in 2021 were €64.1 billion, according to BNP Paribas; this is the second highest year recorded, which demonstrates remarkable underlying resilience given the disruptive factors the market faced in 2021 such as supply bottlenecks for primary products, the rise in inflation and the ongoing challenges presented by Covid-19 and the conflict in Ukraine. Once again, the majority of sales volume was registered in and around Germany’s seven major cities (Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart), totalling €37.1 billion, exceeding the prior year by 14%. Unsurprisingly Berlin leads the way with €11.2 billion invested, the second highest total on record and up 25% on the previous year. Munich follows with €7.7 billion recorded, up 53% on the previous year. Frankfurt follows in third place with just under €6.7 billion, roughly similar to the previous year. Cologne recorded the strongest growth, up 182% to €3.8 billion. In contrast there were declines on the previous year’s performance in Hamburg at €3.1 billion (-43%) and Düsseldorf at €2.4 billion (-34%). Looking at investment types, offices remained the top performer, with approximately €30.7 billion of investments; around 48% of transaction volume is attributable to this class. Logistics properties followed with a volume of just under €9.9 billion; this is an increase of almost 25% on 2020, setting an all-time high. Foreign investors were responsible for around €24.8 billion of capital investment, around 39% of total investment levels – at a similar level to last year.<ref>[https://www.commercialsearch.com/news/uk-industrial-propertysurged-in-2021-as-median-total-return-topped-30/. https://www.commercialsearch.com/news/uk-industrial-propertysurged-in-2021-as-median-total-return-topped-30/.]</ref>		Commercial real estate transaction volumes in Germany in 2021 were €64.1 billion, according to BNP Paribas; this is the second highest year recorded, which demonstrates remarkable underlying resilience given the disruptive factors the market faced in 2021 such as supply bottlenecks for primary products, the rise in inflation and the ongoing challenges presented by Covid-19 and the conflict in Ukraine. Once again, the majority of sales volume was registered in and around Germany’s seven major cities (Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart), totalling €37.1 billion, exceeding the prior year by 14%. Unsurprisingly Berlin leads the way with €11.2 billion invested, the second highest total on record and up 25% on the previous year. Munich follows with €7.7 billion recorded, up 53% on the previous year. Frankfurt follows in third place with just under €6.7 billion, roughly similar to the previous year. Cologne recorded the strongest growth, up 182% to €3.8 billion. In contrast there were declines on the previous year’s performance in Hamburg at €3.1 billion (-43%) and Düsseldorf at €2.4 billion (-34%). Looking at investment types, offices remained the top performer, with approximately €30.7 billion of investments; around 48% of transaction volume is attributable to this class. Logistics properties followed with a volume of just under €9.9 billion; this is an increase of almost 25% on 2020, setting an all-time high. Foreign investors were responsible for around €24.8 billion of capital investment, around 39% of total investment levels – at a similar level to last year.<ref>[https://www.commercialsearch.com/news/uk-industrial-propertysurged-in-2021-as-median-total-return-topped-30/. https://www.commercialsearch.com/news/uk-industrial-propertysurged-in-2021-as-median-total-return-topped-30/.]</ref>

	Looking closely at economic data examining Germany’s so called “Unternehmensimmobilien” – a distinct asset class of German multi-use and multi-let commercial properties, that is home to the heart of the Germany economy – we can see a strong recovery in the sector in the first half of 2021. A new record was set in H1 with an investment volume of around €2.9 billion, an increase of 87% compared with the previous half year. Some of this activity was likely due to a “catch-up effect” from the previous year’s disruption. Looking at the different categories that make up the Unternehmensimmobilien we can see that business parks are the most in-demand category, accounting for a significant 48% of total volume. Light manufacturing properties are the second most in-demand category, at 23%; notably this is the only property type among the Unternehmensimmobilien that can point to a volume of take-up in the first half of the year that is above the average of the past five years, exceeding it by around 16%. Demand for warehouse properties was much lower, at just 4,000 sqm. Looking at specific sectors more closely we can see that manufacturing remained an extremely important driver of demand for space, demonstrating the robustness of the sector. Accounting for 30% of total take-up, exceeding its average by around 9%. Some clear regional trends emerged in the first half of 2021. Munich and the surrounding area accounted for one-third of the total transaction volume with €934 million. The Rhine-Ruhr conurbation follows, accounting for €378 million in volume, and the West region registered the third highest volume at €375 million.<ref>https://www.savills.com/research_articles/255800/323301-0</ref> The Unternehmensimmobilien has been resilient as an asset class during past major economic events and recessions and appears to have maintained resilience through Covid-19 too. This is due to multiple factors such as the flexibility and diversity inbuilt within multi-tenanted business parks, the tendency for companies engaged in production and manufacturing to respond to economic contractions by reducing output rather than space and the depth of the Mittelstand market – these factors all contribute to the ongoing growth and stability of the asset class.		Looking closely at economic data examining Germany’s so called “Unternehmensimmobilien” – a distinct asset class of German multi-use and multi-let commercial properties, that is home to the heart of the Germany economy – we can see a strong recovery in the sector in the first half of 2021. A new record was set in H1 with an investment volume of around €2.9 billion, an increase of 87% compared with the previous half year. Some of this activity was likely due to a “catch-up effect” from the previous year’s disruption. Looking at the different categories that make up the Unternehmensimmobilien, we can see that business parks are the most in-demand category, accounting for a significant 48% of total volume. Light manufacturing properties are the second most in-demand category, at 23%; notably this is the only property type among the Unternehmensimmobilien that can point to a volume of take-up in the first half of the year that is above the average of the past five years, exceeding it by around 16%. Demand for warehouse properties was much lower, at just 4,000 sqm. Looking at specific sectors more closely we can see that manufacturing remained an extremely important driver of demand for space, demonstrating the robustness of the sector. Accounting for 30% of total take-up, exceeding its average by around 9%. Some clear regional trends emerged in the first half of 2021. Munich and the surrounding area accounted for one-third of the total transaction volume with €934 million. The Rhine-Ruhr conurbation follows, accounting for €378 million in volume, and the West region registered the third highest volume at €375 million.<ref>https://www.savills.com/research_articles/255800/323301-0</ref> The Unternehmensimmobilien has been resilient as an asset class during past major economic events and recessions and appears to have maintained resilience through Covid-19 too. This is due to multiple factors such as the flexibility and diversity inbuilt within multi-tenanted business parks, the tendency for companies engaged in production and manufacturing to respond to economic contractions by reducing output rather than space and the depth of the Mittelstand market – these factors all contribute to the ongoing growth and stability of the asset class.

	The UK market		The UK market

155.198.14.108: /* Portfolio */

2023-02-16T16:33:24Z

Portfolio

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155.198.14.108: /* Dividend */

2023-02-16T15:45:33Z

Dividend

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155.198.14.108: /* What's the expected return of an investment in Sirius using the relative valuation approach? */

2023-02-16T15:03:31Z

What's the expected return of an investment in Sirius using the relative valuation approach?

← Older revision		Revision as of 16:03, 16 February 2023
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	Funds From Operations (FFO) increased by 22.5% to €74.6 million (FY2021: €60.9 million).		Funds From Operations (FFO) increased by 22.5% to €74.6 million (FY2021: €60.9 million).