Palace Capital (PCA)

Business description

Palace Capital is an AIM-quoted property investment company focused on commercial real estate in the UK outside London. The portfolio is diverse, with the largest weighting in offices. Management aims to increase capital value and provide a sustainable and growing income stream.

Stock data

Market cap.£149.9m
Last close327.00p
High / Low (52 weeks)387.8p / 319.0p
Stock market listingLN
Forecast net debt (£m)90.1
Forecast gearing ratio (%)50
TeamProperty
SectorProperty

Price performance

%1m3m12m
Actual(1.7)(5.2)(9.3)
Relative *(3.8)(7.2)(15.7)

* % Relative to local index

Other companies in sector Show

Company news

Palace Capital Agrees To Acquire RT Warren For GBP53 Million (ALLISS)

Tue, 19 Sep 2017 10:07:30 GMT

Palace Capital Plc

Tue, 11 Apr 2017 22:53:51 GMT

Palace Capital Completes Acquisition Of SM Newcastle For GBP20 Million

Mon, 07 Aug 2017 09:56:15 GMT

Property firm Palace Capital shows it is far from grim up north - in fact the ...

Tue, 18 Apr 2017 11:09:25 GMT

Priming the Pump: What Are the Indicators Saying About Palace Capital Plc (PCA.L)

Sat, 20 Jan 2018 19:52:30 GMT

Investment summary

Palace Capital has announced its interim results for the six months ended 30 September 2017. These show good progress in income, earnings, and NAV. The interim dividend had been previously announced, showing growth of 5.6% to 9.5p per share. The significant acquisition of the RT Warren portfolio and accompanying capital increase came after the period under review and is not reflected in the results. Our forecasts reflect the near-term dilution from the acquisition but not the upside from asset management, due to uncertainty as to the timing and impact. Despite that, Palace offers a highly attractive yield and discount to NAV, while the increased market capitalisation and intention to seek a Main Market listing are likely to broaden Palace’s appeal to a wider investor base.

Last updated on 04/12/2017

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 14.6 10.9 5.6 18.9 17.3 N/A
2017A 14.3 9.3 6.7 22.2 14.7 N/A
2018E 16.1 11.2 8.2 19.8 16.5 N/A
2019E 18.9 14.5 11.1 20.6 15.9 N/A

Last updated on 04/12/2017

Latest video

Executive interview - Palace Capital

Industry outlook

The regional occupier market is reported to be healthy and we continue to expect Palace’s geographical and sector focus, as well as the relatively high yields on the portfolio, to provide some protection from potential macroeconomic headwinds, including those related to Brexit, especially compared to property in London.

Last updated on 02/11/2017

Key management

Neil Sinclair, CEO
Stephen Silvester, CFO

Company address

One George Yard
London
EC3V 9DF
United Kingdom
+44 (0)20 3301 8335
View website