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.£482.3m
Last close89.30p
High / Low (52 weeks)89.4p / 81.5p
Stock market listingLN
Forecast net debt (£m)185.6
Forecast gearing ratio (%)39
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual7.63.85.7
Relative *1.57.03.9

* % Relative to local index

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Company news

Investment summary

The most recent quarterly NAV statement shows an NAV total return of 4.1% in the three months ending 31 December 2017. The increased DPS declared of 0.875p per share or 3.5p annualised is c 4% on the share price, 126% covered by income earnings. The investment portfolio saw a 2.1% like-for-like revaluation gain, supporting 3.1% growth in EPRA NAV to 88.6p per share. Occupancy was maintained at 95% and lettings during the period were 1.9% ahead of expected rental values (ERV). Since the quarter end, at Tower Wharf in Bristol, two new leases have been signed at 4% above ERV, taking its occupancy above 90%, compared with 64% at acquisition in August. A general supply and demand imbalance in regional office and industrial property, with limited development should support rent growth, while ERV is close to £5m ahead of the current contracted run rate, represents significant potential from further void reduction, rent reviews and lease renewals.

Last updated on 06/04/2018

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 24.3 14.5
2017A 47.9 N/A 43.2 3.81 23.4 13.3
2018E 43.2 N/A 57.3 4.11 21.7 15.0
2019E 44.5 N/A 33.6 4.29 20.8 14.2

Last updated on 26/03/2018

Latest research

Strong total returns continue

Update | Financials | 26/01/2018

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

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, representing a clear potential for narrowing.

Last updated on 06/04/2018

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