£132.8m market cap
289.5p last close
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.
Investment summary
Palace Capital (PCA) has confirmed that FY19 independent property valuations are marginally up on the prior year, although adjusted earnings will be lower than previously expected. This is due to the deferral of some near-term lettings, as part of its asset management-driven total return strategy. Management has reiterated its commitment to the current level of dividends, expecting these and other asset management initiatives, including the flagship Hudson Quarter development in York, to deliver future income and capital growth.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 14.3 | 9.3 | 12.6 | 22.2 | 13.0 | N/A |
| 2018A | 16.7 | 10.7 | 13.3 | 21.2 | 13.7 | N/A |
| 2019E | 17.9 | 12.7 | 13.5 | 17.1 | 16.9 | N/A |
| 2020E | 18.7 | 13.4 | 12.0 | 17.6 | 16.4 | N/A |
| Last updated on 16/05/2019 | ||||||
Industry outlook
The supply demand balance for regional office and industrial property remains generally firm, and a positive yield spread between the regions and London offers potential for further narrowing. Parts of the retail sector are displaying clear signs of stress.
Last updated on 16/05/2019
Sector |
|---|
| Financials & real estate |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | N/A |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| *% relative to local index | |||||||||||||||
Key management |
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|---|---|
| Neil Sinclair | CEO |
| Stephen Silvester | CFO |
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