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Picton Property Income — Strong H122 with good growth potential

Picton Property Income (LSE: PCTN)

Last close As at 23/11/2024

GBP0.68

▲ 0.10 (0.15%)

Market capitalisation

GBP373m

More on this equity

Picton Property Income — Strong H122 with good growth potential

The H122 IFRS profit of £53.9m was the highest that Picton Property Income has ever recorded for a six-month period. EPRA earnings and dividends also grew as the property portfolio showed further strong outperformance. Strong reversionary potential and financial flexibility for accretive acquisitions are positive indicators for further growth, while Picton is attuned to the value-creating potential of sector consolidation.

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Real Estate

Picton Property Income — Office repurposing progress

Real Estate

Picton Property Income — Increased DPS driving positive returns

Real Estate

Picton Property Income — Organic growth accelerating

Real Estate

Picton Property Income — Unlocking value to drive DPS growth

Research: Healthcare

Sareum Holdings — SDC-1801’s clinical plan modified

Sareum’s lead asset SDC-1801 is inching closer to completing its preclinical toxicology studies, although the decision to pursue a capsule alternative to the original suspension formulation, at the cost of a further delay in the clinical trial application (CTA) filing (now expected mid-2022), comes as a surprise. Management asserts that the new formulation adds value to the programme (removing the need to develop capsules at a later stage) and is supported by £4.6m of funds raised in calendar Q221/Q321. While we see merits in the strategy, continued delays may concern the market. Encouragingly, out-licensed asset, SRA737, seems to be gaining traction after Sierra Oncology’s decision to reassess it in combination with other targeted therapies. We expect that the next few months will be crucial for Sareum.

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