Financials Picton Property Income Limited

Equities

PCTN

GB00B0LCW208

Commercial REITs

Market Closed - London S.E. Other stock markets 11:35:03 2024-04-26 am EDT			5-day change	1st Jan Change
64.2 ^GBX	0.00%		+1.90%	-7.23%

Apr. 17	Picton Property completes GBP30 million sale of office	AN
Apr. 17	Picton Property Income Closes GBP30 Million Divestment of UK Office Property	MT

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	477	485.5	468.1	536.8	377.8	350	-	-
Enterprise Value (EV) ¹	668	648.3	629	737	580.5	551.6	530.1	530.6
P/E ratio	15.5 x	21.7 x	13.8 x	3.64 x	-4.2 x	39.1 x	15.9 x	15 x
Yield	3.95%	3.93%	3.26%	3.46%	5.05%	5.45%	5.63%	5.89%
Capitalization / Revenue	12.5 x	14.4 x	14 x	15.1 x	10.4 x	9.53 x	9.32 x	9.13 x
EV / Revenue	17.4 x	19.3 x	18.8 x	20.8 x	16 x	15 x	14.1 x	13.8 x
EV / EBITDA	-	-	22.4 x	-	19.2 x	19.1 x	18.1 x	18.1 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	538,984	545,502	545,553	546,131	545,217	545,225	-	-
Reference price ²	0.8850	0.8900	0.8580	0.9830	0.6930	0.6420	0.6420	0.6420
Announcement Date	5/22/19	6/23/20	5/27/21	5/26/22	5/25/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	38.3	33.64	33.45	35.44	36.25	36.73	37.57	38.33
EBITDA ¹	-	-	28.07	-	30.3	28.94	29.24	29.32
EBIT ¹	32.46	28.07	28.07	29.69	30.3	30.45	31.45	32.2
Operating Margin	84.75%	83.46%	83.89%	83.76%	83.57%	82.89%	83.72%	84%
Earnings before Tax (EBT) ¹	31.41	22.38	33.8	147	-89.53	-5.1	34.75	36.3
Net income ¹	30.96	22.51	33.8	147	-89.53	-5.1	37.13	36.23
Net margin	80.82%	66.91%	101.04%	414.69%	-246.98%	-13.88%	98.85%	94.52%
EPS ²	0.0570	0.0410	0.0620	0.2700	-0.1650	0.0164	0.0403	0.0427
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0350	0.0350	0.0280	0.0340	0.0350	0.0350	0.0362	0.0378
Announcement Date	5/22/19	6/23/20	5/27/21	5/26/22	5/25/23	-	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2024 S1
Net sales	-	-
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	-	-1.408
Net margin	-	-
EPS ²	-	-0.003000
Dividend per Share	0.0175	-
Announcement Date	11/12/19	11/14/23

¹GBP in Million²GBP

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	191	163	161	200	203	202	180	181
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	5.732 x	-	6.691 x	6.964 x	6.157 x	6.157 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-	-
Cash Flow per Share ²	-	-	-	-	-	0.0400	0.0400	0.0400
Capex	-	8.86	4.96	9.55	-	-	-	-
Capex / Sales	-	26.34%	14.83%	26.95%	-	-	-	-
Announcement Date	5/22/19	6/23/20	5/27/21	5/26/22	5/25/23	-	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Picton Property Income Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.642 GBP

Average target price

0.825 GBP

Spread / Average Target

+28.50%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
PICTON PROPERTY INCOME LIMITED	-7.23%	436M
REALTY INCOME CORPORATION	-6.46%	46.25B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-8.31%	20.33B
SEGRO PLC	-3.56%	13.07B
UNIBAIL-RODAMCO-WESTFIELD SE	+16.05%	11.53B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-4.85%	9.68B
FEDERAL REALTY INVESTMENT TRUST	-0.83%	8.48B
CAPITALAND ASCENDAS REIT	-14.19%	8.38B
KLÉPIERRE	+1.38%	7.63B
FIBRA UNO	-18.42%	5.53B

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