Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Silver Spruce Resources

    MCap

    CAD2m

    Last close

    CAD0.02

    ▲ 0.01 (100.00%)

    Biodexa Pharmaceuticals

    MCap

    USD2m

    Last close

    USD5.11

    ▲ 1.61 (46.00%)

    Pharnext

    MCap

    EUR1m

    Last close

    EUR0.10

    ▲ 0.03 (42.86%)

  • Sectors

    Sectors

  • Investment Strategy

    Investment Strategy

    View All

    Latest

  • Thematics

    Thematics

    View All Thematics

    Latest

Picton Property Income (LSE: PCTN)

Currency in GBP

Last close As at 30/11/2023

GBP0.64

▲ −1.10 (−1.69%)

Market capitalisation

GBP354m

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. Across all main sectors the market is continuing to adjust to higher bond yields and economic uncertainty, although price weakness in 2023 year to date has been much less pronounced than in late 2022. Investment activity remains weak.

Latest Insights

View More

Real Estate | Update

Picton Property Income — Resilient H124 with fully covered DPS

Real Estate | Flash note

Picton Property Income — Value-enhancing asset management

Real Estate | Outlook

Picton Property Income — Earnings and outperformance maintained

Real Estate | edison tv

Picton Property Income ETV: Resilient FY23 with continued portfolio outperformance
Visit Website

Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Andrew Dewhirst

    FD

  • Lena Wilson

    Chairman

  • Michael Morris

    CEO

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.5 (5.0) (24.5)
Relative (0.4) (4.5) (23.3)
52 week high/low 87.0p/61.6p

Financials

In a challenging market environment, Picton Property Income (PCTN) produced a resilient H124 financial performance, supporting fully covered DPS. This was underpinned by continued portfolio outperformance of the MSCI UK Quarterly Property Index, building on a long-term track record of upper quartile performance since inception. Rents continued to grow, asset management initiatives are in place, aimed at capturing reversionary income potential, and borrowings are mostly long term and fixed rate.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 35.4 29.7 147.0 3.88 16.5 N/A
2023A 36.3 30.3 (89.5) 3.90 16.4 N/A
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Picton-Property-Income_resized

Flash note

Real Estate

Picton Property Income — Value-enhancing asset management

Outlook

Real Estate

Picton Property Income — Earnings and outperformance maintained
Picton-Property-Income_resized

Real Estate

Update

Picton Property Income — Resilient H124 with fully covered DPS

Picton-Property-Income_resized
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
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free