Hardman & Co Research 
Hardman & Co Research: Palace Capital (PCA): Dividend recovery ahead of expectations 
21-Jun-2021 / 11:30 GMT/BST 
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Hardman & Co Research: Dividend recovery ahead of expectations 
March 2021 annual results were ahead of our expectations; notably, rent was GBP17.3m vs. our estimated GBP16.4m. FY20 rent 
stood at GBP18.3m, excluding a lease surrender premium, and there have been net disposals (modest in quantum and at 
premiums to book values) since FY20, further highlighting the good rental outcome. The dividend payout was 10.5p (vs. 
10.0p estimated). While we are not raising our FY22 rent or profit estimates, we raise our FY22E dividend from 11.0p to 
12.0p. New leases have been signed at above estimated rental (market) value (ERV) and the two leisure assets benefit 
both from long leases and from new leases signed on vacated space. 
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1210208 21-Jun-2021


 
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(END) Dow Jones Newswires

June 21, 2021 06:30 ET (10:30 GMT)