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1. Company Snapshot

1.a. Company Description

Real Estate Credit Investments Limited is a closed-ended fixed income mutual fund launched and managed by Cheyne Capital Management (UK) LLP.The fund invests in the fixed income markets across the globe.It primarily makes its investments in asset backed securities.


The fund considers coupon or cash flows on the tranche relative to the underlying credit to make its investments.It was formerly known as Real Estate Credit Investments PCC Limited.Real Estate Credit Investments Limited was formed in September 6, 2005 and is domiciled in Guernsey, Channel Islands.

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1.b. Last Insights on RECI

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Prospect’s Real Estate Credit Strategy Now Available to Approximately 176,000 Financial Representatives and Advisors via Digital Alternatives Platforms iCapital, SUBSCRIBE, and SEI Access

Nov -13

Source:

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Northwind Group Provides $11 Million First-Mortgage Loan for the Acquisition of 10 West 17th Street, a Land Site to be Developed Into a 23-Unit Luxury Residential Condominium Project

Jul -24

Source:

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Rockwood Capital Hires Jimmy Yung as Global Head of Originations

Jul -09

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.03%)

6. Segments

Bilateral Loan Portfolio and Bond Portfolio

Expected Growth: 8.5%

The Bilateral Loan Portfolio and Bond Portfolio are poised for growth driven by increasing demand for real estate financing, government initiatives supporting infrastructure development, and a growing need for customized loan solutions.

Market Bond Portfolio

Expected Growth: 5.5%

The Market Bond Portfolio's diversified real estate-backed bonds offer a stable income stream, driven by increasing demand for real estate investments and growing investor appetite for stable returns.

7. Detailed Products

Mortgage Financing

Provides financing solutions for individuals and businesses to acquire or refinance properties

Property Development Loans

Offers short-term loans for property developers to finance construction projects

Real Estate Investment Trusts (REITs)

Allows individuals to invest in a diversified portfolio of properties and earn rental income

Commercial Property Loans

Provides financing solutions for businesses to acquire or refinance commercial properties

Home Equity Loans

Allows homeowners to borrow against the equity in their property

Real Estate Brokerage Services

Provides brokerage services for individuals and businesses buying or selling properties

8. Real Estate Credit Investments Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Real Estate Credit Investments Limited is moderate, as there are alternative investment options available to investors, but the company's unique credit investment strategy and diversified portfolio mitigate this threat to some extent.

Bargaining Power Of Customers

The bargaining power of customers is low, as investors have limited negotiating power due to the company's specialized credit investment expertise and the complexity of its investment products.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as the company relies on a diverse range of suppliers for its credit investments, but has some negotiating power due to its scale and reputation in the industry.

Threat Of New Entrants

The threat of new entrants is high, as the credit investment industry is attractive and has relatively low barriers to entry, making it vulnerable to new competitors.

Intensity Of Rivalry

The intensity of rivalry is high, as the credit investment industry is highly competitive, with many established players and new entrants vying for market share and investor attention.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 32.24%
Debt Cost 3.95%
Equity Weight 67.76%
Equity Cost 6.00%
WACC 5.34%
Leverage 47.57%

11. Quality Control: Real Estate Credit Investments Limited passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Anima Holding

A-Score: 7.7/10

Value: 7.7

Growth: 6.0

Quality: 7.8

Yield: 9.4

Momentum: 6.0

Volatility: 9.3

1-Year Total Return ->

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Law Debenture

A-Score: 7.1/10

Value: 5.0

Growth: 4.4

Quality: 9.2

Yield: 6.2

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Real Estate Credit Investments

A-Score: 6.9/10

Value: 5.8

Growth: 3.9

Quality: 8.0

Yield: 10.0

Momentum: 3.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
IDI

A-Score: 6.8/10

Value: 3.5

Growth: 5.0

Quality: 7.5

Yield: 8.1

Momentum: 6.5

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Deutsche Beteiligungs

A-Score: 5.8/10

Value: 5.1

Growth: 4.6

Quality: 6.6

Yield: 7.5

Momentum: 4.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Mutares

A-Score: 5.8/10

Value: 9.1

Growth: 3.1

Quality: 4.5

Yield: 8.1

Momentum: 7.5

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.21$

Current Price

1.22$

Potential

-0.00%

Expected Cash-Flows