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We published a note, Getting a balanced view on outlook, on 21 May 2020. RECI’s 14% discount to NAV, we believe, reflects the uncertain outlook, security values and potential impairments. When considering if this discount is excessive, we noted i) a relatively low-risk profile, ii) strong liquidity means RECI can optimise recovery returns, iii) restructuring is a core competency, iv) realised losses to date are just 2.1p, v) bond valuations were then priced at 17% below par but RECI expects them to be repaid at par, and vi) borrowers have injected equity into their deals. The 3p 4Q dividend and unchanged policy show confidence. Re-investment returns are rising.
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