Picton Property Income (PCTN)

Business description

Picton Property Income is an internally managed investment company that invests in commercial property across the UK. The investment objective is to provide investors with an attractive level of income and the potential for capital growth.

Stock data

Market cap.£466.6m
Last close86.40p
High / Low (52 weeks)87.0p / 77.0p
Stock market listingLN
Forecast net debt (£m)185.6
Forecast gearing ratio (%)39
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual4.44.113.3
Relative *2.22.05.3

* % Relative to local index

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Company news

City Moves for 11 July 2017 - who's switching jobs at Picton Property Income ...

Tue, 11 Jul 2017 03:56:15 GMT

Picton Property - Problems

Thu, 21 Dec 2017 19:20:25 GMT

Picton Property Income: risky but rewarding?

Wed, 24 Oct 2012 09:39:53 GMT

Picton sells out of London ahead of Brexit storm

Thu, 08 Jun 2017 06:22:30 GMT

Where Numis is seeing opportunities for property investors

Mon, 16 Jan 2017 15:56:15 GMT

Investment summary

Picton continued to meet its objective of consistent performance during H118. A property return of 6.3% and income return of 2.9% both outperformed the MSCI IPD Quarterly Benchmark (5.0% and 2.2%, respectively). IFRS net profit was £30.7m including a net £19.9m of gains on investments with NAV per share increased by 5% on end-FY17 to 86p. Including dividends paid of 1.7p, the NAV total return was 7.1% over the six-month period. The company intends to pay an increased annual dividend of 3.5p (+3%), commencing with a quarterly DPS of 0.875p to be paid in February 2018. Mainly tracking higher rent growth than previously forecast, our EPRA EPS estimates are increased by c 4% for FY18 and 3% for FY19.

Last updated on 13/12/2017

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 40.8 N/A 65.1 368.07 0.2 14.0
2017A 47.9 N/A 43.2 380.81 0.2 12.9
2018E 43.2 N/A 47.3 410.91 0.2 14.6
2019E 44.5 N/A 33.6 428.71 0.2 13.7

Last updated on 04/12/2017

Latest research

Diversified and consistent

Update | Financials | 30/11/2017

Accretive reinvestment

Update | Financials | 15/08/2017

Progress continues

Update | Financials | 03/08/2017

Consistent outperformance

Initiation | Financials | 26/06/2017

Latest video

Executive interview - Picton Property Income

Industry outlook

Despite economic uncertainties, Brexit-related and otherwise, regional occupier demand is generally firm, driven by continuing economic growth and business relocation away from London, while new supply remains limited. Meanwhile, the yield spread between the regions and London remains historically wide at c 2%, compared with a 2008 market peak of c 0.5%, representing a clear potential for narrowing.

Last updated on 13/12/2017

Key management

Nicholas Thompson, Chairman
Michael Morris, CEO
Andrew Dewhirst, FD

Company address

1st Floor
28 Austin Friars
London
EC2N 2QQ
United Kingdom
+44 (0)20 7628 4800
View website