Picton Property Income (LSE: PCTN)

Last close As at 24/06/2024

GBP0.69

0.90 (1.33%)

Market capitalisation

GBP376m

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 significantly down from the 2022 peak and should benefit from the expected decline in interest rates.

Latest Insights

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Real Estate | Outlook

Picton Property Income — Organic growth accelerating

Real Estate | Flash note

Picton Property Income — Unlocking value to drive DPS growth

Real Estate | Flash note

Picton Property Income — Accretive portfolio repositioning

Real Estate | Update

Picton Property Income — Capturing rent potential in Q3

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 debt (£m)

175

Forecast gearing ratio (%)

32

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.4 9.2 (2.1)
Relative 2.9 4.6 (12.1)
52 week high/low 74.4p/60.3p

Financials

Picton Property Income’s 6% increase in the rate of quarterly DPS from Q423 demonstrates an increasing confidence in the outlook for organic income and earnings growth. The occupier market has remained robust and rents have increased across much of Picton’s diversified portfolio. Active asset management, including the repositioning of selected office assets, is unlocking the significant potential embedded in the portfolio.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2023A 36.3 30.3 (89.5) 3.9 17.6 N/A
2024A 37.9 30.7 (4.8) 4.0 17.2 N/A
2025E 38.3 31.5 41.0 4.2 16.3 N/A
2026E 39.9 32.8 41.0 4.4 15.6 N/A

Thematics

thematic

Real Estate

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Consumer

IPO apocalypse

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TMT

ESG, moving beyond the box tick

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