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Picton Property Income (LSE: PCTN)

Last close As at 01/11/2024

GBP0.69

▲ −0.50 (−0.72%)

Market capitalisation

GBP380m

Picton Property Income is an internally managed UK REIT that invests in a diversified portfolio of commercial property across the UK. It is total return driven with a strong income focus and aims to generate attractive returns through proactive management of the portfolio.

Across much of the commercial market, especially for industrial and logistics, occupier demand remains robust, new supply restricted and rents are increasing. Investment demand has begun to pick up from very low levels and the turn of the interest rate cycle should provide further support.

Latest Insights

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Real Estate | Flash note

Picton Property Income — Office repurposing progress

Real Estate | Flash note

Picton Property Income — Increased DPS driving positive returns

Real Estate | Outlook

Picton Property Income — Organic growth accelerating

Real Estate | Flash note

Picton Property Income — Unlocking value to drive DPS growth
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Andrew Dewhirst

    FD

  • Lena Wilson

    Chairman

  • Michael Morris

    CEO

  • Saira Johnston

    CFO

Balance Sheet

Forecast net debt (£m)

175

Forecast gearing ratio (%)

32

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.1) (5.5) 6.6
Relative (5.5) (2.1) (4.9)
52 week high/low 76.7p/60.3p

Financials

Strong letting activity and ongoing active asset management are unlocking portfolio value, generating increasing rents and occupancy and reducing void property costs. Q125 DPS of 0.925p (an annualised 3.7p), reflecting the 6% increase with effect from Q424, was 102% covered by EPRA EPS. NAV per share of 96.0p showed no material change from end-FY23 (96.1p) and NAV total return was 0.9%. Like-for-like portfolio valuation increased 0.4% over the quarter, slightly above the 0.3% capital return for the MSCI UK Monthly Property Index, which now shows three consecutive quarters of positive capital growth for the first time since 2022. Data to end-FY24 showed Picton outperforming its MSCI benchmark for 11 consecutive years, with an upper-quartile performance since launch in 2005.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2023A 36.3 30.3 (89.5) 3.9 17.8 N/A
2024A 37.9 30.7 (4.8) 4.0 17.3 N/A
2025E 38.3 31.5 41.0 4.2 16.5 N/A
2026E 39.9 32.8 41.0 4.4 15.8 N/A

Research

Flash note

Real Estate

Picton Property Income — Increased DPS driving positive returns

Outlook

Real Estate

Picton Property Income — Organic growth accelerating

Real Estate

Flash note

Picton Property Income — Office repurposing progress
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Thematics

thematic

Real Estate

South African industrial property fundamentals are strong

thematic

Real Estate

South African retail property funds remain resilient

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick
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