ACF Equity Research

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Research from ACF Equity Research, ACF Equity Research

Research from ACF Equity Research

Equity Bottom-Up

<div>ACE Liberty &amp; Stone (ALSP ISD), a NEX growth market listed property trading</div>
<div>company delivered strong operational results with a rise in EBITDA margin</div>
<div>as the company digests and consolidates a significant number of property</div>
<div>acquisitions over recent periods. Since balance sheet close the share</div>
<div>overhang has been significantly eroded by the exercise of warrants and</div>
<div>conversion of CLNs leading to a significant increase in shares in issue (hence</div>
<div>our lower value range). ACE has also raised over £4.55m in cash through the</div>
<div>exercise of options at an average price of 65p per share. We expect these</div>
<div>funds to be used for further property investment. Rental run rate now</div>
<div>exceeds £6m p.a. The overall strategy to grow the business remains in place</div>
<div>after this consolidation phase, if at a potentially less exuberant pace.</div>

ACE Liberty &amp; Stone (ALSP ISD), a NEX growth market listed property trading
company delivered strong operational results with a rise in EBITDA margin
as the company digests and consolidates a significant number of property
acquisitions over recent periods. Since balance sheet close the share
overhang has been significantly eroded by the exercise of warrants and
conversion of CLNs leading to a significant increase in shares in issue (hence
our lower value range). ACE has also raised over £4.55m in cash through the
exercise of options at an average price of 65p per share. We expect these
funds to be used for further property investment. Rental run rate now
exceeds £6m p.a. The overall strategy to grow the business remains in place
after this consolidation phase, if at a potentially less exuberant pace.

Ace Liberty & Stone

ALSP 1H20A Post Results ACF 11022020