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Picton Property Income (LSE: PCTN)

Last close As at 15/04/2024

GBP0.62

▲ 0.70 (1.15%)

Market capitalisation

GBP332m

Picton Property Income is an internally managed UK REIT that invests in a diversified portfolio of commercial property across the UK. It is total return driven with a strong income focus and aims to generate attractive returns through proactive management of the portfolio.

The commercial property market is cyclical, historically exhibiting substantial swings in capital values through cycles. Income returns have been significantly more stable, supporting rental growth across much of the market. Capital values are already c 25% down on the 2022 peak and should benefit from the expected decline in interest rates.

Latest Insights

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Real Estate | Flash note

Picton Property Income — Accretive portfolio repositioning

Real Estate | Update

Picton Property Income — Capturing rent potential in Q3

Real Estate | Update

Picton Property Income — Focused on growing earnings

Real Estate | Update

Picton Property Income — Resilient H124 with fully covered DPS
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Andrew Dewhirst

    FD

  • Lena Wilson

    Chairman

  • Michael Morris

    CEO

  • Saira Johnston

    CFO

Balance Sheet

Forecast net cash (£m)

211

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.6) (9.0) (16.3)
Relative (9.3) (12.8) (18.1)
52 week high/low 79.4p/60.8p

Financials

Picton Property Income has agreed the sale of Angel Gate, its second largest office asset, and largest portfolio void, with an agreed consideration above the Q323 valuation. The sale is part of its strategy to repurpose selective office assets and accretively recycle the capital. This sale supports NAV, and we expect a positive impact on earnings. Further repurposing asset management initiatives are being progressed.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 35.4 29.7 147.0 3.9 15.6 11.8
2023A 36.3 30.3 (89.5) 3.9 15.6 10.8
2024E 36.6 30.0 8.9 3.8 16.0 12.6
2025E 37.8 30.9 22.0 4.0 15.2 10.5

Research

Update

Real Estate

Picton Property Income — Capturing rent potential in Q3
Picton-Property-Income_resized

Update

Real Estate

Picton Property Income — Focused on growing earnings

Real Estate

Flash note

Picton Property Income — Accretive portfolio repositioning
View All

Thematics

thematic

Real Estate

South African industrial property fundamentals are strong

thematic

Real Estate

South African retail property funds remain resilient

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick
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