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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.£500.2m
Last close92.80p
High / Low (52 weeks)93.4p / 81.5p
Stock market listingLN
Forecast net debt (£m)175.4
Forecast gearing ratio (%)35
TeamFinancials
SectorFinancials

Price performance

%1m3m12m
Actual2.14.511.8
Relative *2.3(0.9)7.8

* % Relative to local index

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Company news

Investment summary

In a successful FY18, Picton Property Income again outperformed the MSCI IPD Quarterly Benchmark property return, as it has now done over one, three, five and 10 years while moderate gearing enhanced the EPRA NAV total return to 14.9%. Rental growth and valuation gains were strongest in industrial and office assets, towards which Picton’s portfolio has a strong bias, while the underweight exposure to retail was beneficial. A general supply and demand imbalance in regional office and industrial property continues to support rent growth, while ERV is well ahead of the current contracted run rate and represents significant potential for income growth. Plans to convert to UK REIT status later in the year should enhance future profitability, with no material impact on investment and portfolio strategy.

Last updated on 29/06/2018

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2017A 47.9 N/A 43.2 3.81 24.4 13.8
2018A 42.9 N/A 64.7 4.19 22.1 14.3
2019E 42.8 N/A 38.5 4.30 21.6 15.8
2020E 43.4 N/A 33.9 4.43 20.9 14.9

Last updated on 26/06/2018

Latest research

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 29/06/2018

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
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