Palace Capital

LN: PCA

£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
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 2.5 (6.3) (14.9)
Relative* 4.1 (8.0) (10.2)
52-week high/low 364.0p/278.0p
*% relative to local index
Key management
Neil Sinclair CEO
Stephen Silvester CFO

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