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.£460.4m
Last close85.25p
High / Low (52 weeks)87.0p / 74.5p
Stock market listingLN
Forecast net debt (£m)180.9
Forecast gearing ratio (%)40
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual2.70.616.0
Relative *4.61.15.1

* % 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 Income: risky but rewarding?

Wed, 24 Oct 2012 09:39:53 GMT

Picton Property Income Limited (LSE:PCTN): Time For A Financial Health Check

Fri, 27 Oct 2017 14:47:44 GMT

How Did Picton Property Income Limited's (LSE:PCTN) 9.95% ROE Fare Against The ...

Mon, 13 Nov 2017 10:18:45 GMT

Picton sells out of London ahead of Brexit storm

Thu, 08 Jun 2017 06:22:30 GMT

Investment summary

Picton is invested in a diversified portfolio of 52 properties, with a current over-weighting of the regional office and industrial sectors, and a significantly underweight exposure to retail and leisure sectors (with no shopping centres). Picton describes its strategy as occupier-focused and opportunity-led, recycling capital where opportunities exist for better risk-adjusted returns. It aims to be consistently among the best-performing diversified UK property companies on the main list of the London Stock Exchange, and has delivered portfolio NAV total return performance ahead of its benchmark over one, three, five and 10 years to end-FY17. Supported by a 1.9% like-for-like valuation increase, in the three months to 30 September (Q218), NAV per share rose 2.5% to 85.9p after payment of 0.85p in dividends in the quarter (3.5% NAV total return).

Last updated on 02/11/2017

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 35.9 N/A 20.1 3.68 23.2 13.8
2017A 42.4 N/A 21.1 3.81 22.4 12.7
2018E 36.8 N/A 22.0 3.94 21.6 13.7
2019E 38.2 N/A 23.1 4.18 20.4 14.0

Last updated on 26/10/2017

Latest research

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 02/11/2017

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