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)86.0p / 70.8p
Stock market listingLN
Forecast net debt (£m)180.9
Forecast gearing ratio (%)40
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual1.21.819.7
Relative *2.43.212.3

* % 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 Income: risky but rewarding?

Wed, 24 Oct 2012 09:39:53 GMT

Picton Property Income Ltd (PCTN.L): Watching the Technicals

Mon, 25 Sep 2017 05:48:45 GMT

Technicals in The Spotlight For Picton Property Income Ltd (PCTN.L)

Mon, 25 Sep 2017 05:32:09 GMT

Picton Property Income buy 30 and 50 Pembroke Court, Chatham Maritime office ...

Wed, 10 Jun 2015 06:56:15 GMT

Investment summary

Picton’s strategic objective is to grow both its asset base and income stream through active management of its portfolio (valued at £626.5m at 30 June). The £23.15m acquisition of a Grade A office building in Bristol announced on 8 August meets this objective. With new supply tight in the Bristol office market and continued robust demand from occupiers, the asset has significant potential from the letting of recently refurbished vacant space and rent reversion. It also further rebalances the portfolio geographically following. Picton aims to be consistently among the best-performing diversified UK property companies on the main list of the London Stock Exchange.

Last updated on 06/09/2017

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 40.8 N/A 65.1 3.68 23.2 13.8
2017A 47.9 N/A 43.2 3.81 22.4 12.7
2018E 42.5 N/A 32.0 3.94 21.6 13.7
2019E 44.0 N/A 23.1 4.18 20.4 14.0

Last updated on 30/08/2017

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

The yield spread between the regions and London remains historically wide at c 2%. At the 2008 market peak it was just 0.5%. This seems likely to narrow, but is not a driver of Picton’s strategy. New supply has been limited and occupier demand has been strong, due to the relative attractions of the regions, the strength of the economic recovery and business relocation away from London.

Last updated on 06/09/2017

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