£504.9m market cap
92.2p last close
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.
Investment summary
Against a more uncertain political and economic backdrop, Picton produced a solid performance in H120 with a positive 2.8% NAV total return built off a good property portfolio performance. A significant refurbishment programme dampened income and recurring earnings as expected, but dividend cover remains strong. Portfolio positioning (more than 80% in the well-performing industrial and office sectors), moderate gearing and significant potential to increase income by leasing refurbished space at completion are positive indicators for future performance.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 38.4 | N/A | 64.7 | 4.2 | 22.0 | N/A |
| 2019A | 38.3 | N/A | 31.4 | 4.3 | 21.4 | N/A |
| 2020E | 34.8 | N/A | 27.9 | 3.8 | 24.3 | N/A |
| 2021E | 36.8 | N/A | 24.9 | 4.2 | 22.0 | N/A |
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. Rents and capital values in the retail sector have continued to weaken.
Last updated on 06/12/2019
Sector |
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| Financials & real estate |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | 153 |
| Forecast gearing ratio (%) | 30 |
Price performance
% |
1m |
3m |
12m |
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| *% relative to local index | |||||||||||||||
Key management |
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|---|---|
| Nicholas Thompson | Chairman |
| Michael Morris | CEO |
| Andrew Dewhirst | FD |
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