Burstone Group Ltd (JSE:BTN)

Half Year 2025 Burstone Group Ltd Earnings Call Transcript

Nov 20, 2024 / 12:00 PM GMT

Release Date Price: R10.07 (+2.23%)

Transcript

Key Points

Positve

Burstone Group Ltd (JSE:BTN) has successfully transitioned into third-party asset management, managing 42 billion in gross asset value across nine countries.
The company completed a significant transaction with Blackstone, which will increase third-party assets under management to 23-24 billion.
Fee revenue for the first half increased to 34 million, contributing 8.5% to earnings, up from 5.4% the previous year.
Cost-saving initiatives have resulted in a 7 million reduction in expenses, equating to a 5% cost drop.
The company's LTV ratio has decreased from 44% to 33.5% post-Blackstone transaction, providing more headroom for growth.

Negative

First-half earnings dipped by 3%, aligning with the lower end of the company's guidance.
South African operations saw a like-for-like NOI decrease of 1.2%, primarily driven by office sector challenges.
The company absorbed increased funding costs of around 40 million due to higher interest rates.
NAV decreased by 9.7% due to impairments on the P/E L portfolio.
The European market showed a marginal uptick in vacancy rates, impacting like-for-like NOI growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BTNJ.J - Burstone Group Ltd
Half Year 2025 Burstone Group Ltd Earnings Call
Nov 20, 2024 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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All right, good afternoon. We'll get, we'll get going. I know we've got a couple of latecomers, but good to see you all and nice to be in one of our buildings and looking forward to welcoming you all to our office a little bit later for a drink. I know that Cheryl's basically taken the entire first half distribution and put it into liquor and food. So it should be, it should be fun.

We're going to run through the interim results relatively quickly.

We're not going to take up the full two hour session as in the, in the invitation, but, but run through results, have a Q&A on results themselves and then we're going to spend another kind of 20 to 30 minutes just unpacking the border of funds management model that

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