Palace Capital

LN: PCA

Market Cap£118.5m

Last Close 256p

Palace Capital is a UK property investment company. It is not sector-specific and looks for opportunities where it can enhance long-term income and capital value through asset management and strategic capital development in locations outside London.

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Investment summary

Palace Capital (PCA) has recently disclosed several positive developments covering the near completion of its non-core disposal programme, the commencement of capital redeployment into opportunities with more attractive return profiles and leasing progress at its attractive York development, completed earlier in FY22. A highly experienced new chairman has also been appointed.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2020A 21.1 14.6 8.0 17.5 14.6 7.5
2021A 17.3 10.6 7.5 16.4 15.6 10.4
2022E 16.8 13.8 6.9 15.1 17.0 3.2
2023E 17.3 13.8 7.7 16.7 15.3 3.6
Industry outlook

The commercial property market is cyclical, historically exhibiting substantial swings in capital values through cycles while income returns have been more stable. The pandemic continues to generate uncertainty but rebounding GDP growth, continuing low interest rates, and lockdown easing are supporting strong commercial property returns, still led by the industrials, but broadening across all sectors.

Last updated on 21/01/2022
Content on Palace Capital
Palace Capital – Strategic progress underscores potential
Real Estate | Update | 24 January 2022
birmingham-3479596
Palace Capital – Poised to unlock value
Real Estate | Update | 1 December 2021
birmingham-3479596
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Share price graph
Balance sheet
Forecast net debt (£m) 61.6
Forecast gearing ratio (%) 37
Price performance
%
1m
3m
12m
Actual (1.5) 4.5 34.7
Relative* (3.2) 1.6 21.5
52-week high/low 290.0p/190.0p
*% relative to local index
Key management
Neil Sinclair CEO
Matthew Simpson CFO