Edison issues review on European Assets Trust

RNS Number : 2092E

European Assets Trust NV

07 February 2018

 

London, UK, 7 February 2018

Edison issues review on European Assets Trust (EAT)

European Assets Trust (EAT) aims to generate long-term capital growth through investing in listed European small and mid-sized companies. It has a distribution policy to pay 6% of its prior year-end euro-denominated NAV, which supports an attractive yield, currently 5.4%, significantly higher compared with peers. This has helped support a share price premium to EAT's cum income NAV. The EMIX Smaller Europe ex-UK index had another strong year in 2017, and equity valuations are now more challenging. Notwithstanding, the manager Sam Cosh observes that earnings recoveries are far from mature for many sectors and believes that EAT is well positioned to benefit as Europe's recovery broadens out.

Over the past three years, EAT has mostly traded at a modest premium to cum income NAV, although it currently trades at a 0.8% discount. This sets it apart from the peer group, which trades at discounts to NAV, and is likely a reflection of EAT's 5.4% dividend yield. EAT's board recently declared a total €0.88 dividend payable for 2018, representing an 11.6% increase over 2017.  

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