LSE:PBLT

Stock Analysis Report

TOC Property Backed Lending Trust

Executive Summary

TOC Property Backed Lending Trust Plc provides a portfolio of fixed rate loans primarily secured over land and/or property in the United Kingdom.


Snowflake Analysis

Unattractive dividend payer and overvalued.

Share Price & News

How has TOC Property Backed Lending Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PBLT has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

PBLT

-4.9%

GB Mortgage

-8.6%

GB Market


1 Year Return

0%

PBLT

2.9%

GB Mortgage

-1.3%

GB Market

Return vs Industry: PBLT underperformed the UK Mortgage industry which returned 2.9% over the past year.

Return vs Market: PBLT exceeded the UK Market which returned -1.3% over the past year.


Shareholder returns

PBLTIndustryMarket
7 Day0%-4.9%-8.6%
30 Day0%-3.7%-8.4%
90 Day0%0.2%-5.3%
1 Year4.5%0%6.0%2.9%4.0%-1.3%
3 Year17.4%0%23.7%14.8%7.6%-6.1%
5 Yearn/a54.0%39.1%23.4%-4.8%

Price Volatility Vs. Market

How volatile is TOC Property Backed Lending Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is TOC Property Backed Lending Trust undervalued compared to its fair value and its price relative to the market?

36.17x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PBLT (£1.04) is trading above our estimate of fair value (£0.54)

Significantly Below Fair Value: PBLT is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: PBLT is poor value based on its PE Ratio (36.2x) compared to the Mortgage industry average (8.5x).

PE vs Market: PBLT is poor value based on its PE Ratio (36.2x) compared to the UK market (16.8x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate PBLT's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: PBLT is good value based on its PB Ratio (1.1x) compared to the GB Mortgage industry average (1.1x).


Next Steps

Future Growth

How is TOC Property Backed Lending Trust forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

12.9%

Forecasted Banks industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as TOC Property Backed Lending Trust has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has TOC Property Backed Lending Trust performed over the past 5 years?

-39.8%

Last years earnings growth


Earnings and Revenue History

Quality Earnings: PBLT has high quality earnings.

Growing Profit Margin: PBLT's current net profit margins (53.3%) are lower than last year (71.1%).


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if PBLT's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: PBLT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PBLT had negative earnings growth (-39.8%) over the past year, making it difficult to compare to the Mortgage industry average (-6.9%).


Return on Equity

High ROE: PBLT's Return on Equity (3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is TOC Property Backed Lending Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: PBLT has a low level of unsold assets or inventory.

Debt Coverage by Assets: PBLT's debt is covered by short term assets (assets are 38.4x debt).


Financial Institutions Analysis

Asset Level: PBLT's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if PBLT has a sufficient allowance for bad loans.

Low Risk Liabilities: PBLT reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if PBLT has an acceptable proportion of non-loan assets held.

Low Risk Deposits: PBLT has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if PBLT has an appropriate level of bad loans.


Next Steps

Dividend

What is TOC Property Backed Lending Trust's current dividend yield, its reliability and sustainability?

5.80%

Current Dividend Yield


Dividend Yield vs Market

company5.8%marketbottom25%1.9%markettop25%5.4%industryaverage4.7%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: PBLT's dividend (5.8%) is higher than the bottom 25% of dividend payers in the UK market (1.94%).

High Dividend: PBLT's dividend (5.8%) is in the top 25% of dividend payers in the UK market (5.4%)


Stability and Growth of Payments

Stable Dividend: PBLT has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: PBLT has only been paying a dividend for 3 years, and since then payments have not increased.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (227.1%), PBLT's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.5yrs

Average board tenure


CEO

TOC Property Backed Lending Trust has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
John Newlands
Non-Executive Chairman0.8yrsno data0.019% £5.2k
Matthew Harris
Independent Non-Executive Director3.2yrsno data0.19% £51.8k
Ian McElroy
Non-Independent Non-Executive Director1.8yrsno data0.14% £39.0k
Douglas Noble
Independent Non-Executive Director3.2yrsno data0.032% £8.9k

2.5yrs

Average Tenure

Experienced Board: PBLT's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 15.1%.


Top Shareholders

Company Information

TOC Property Backed Lending Trust Plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: TOC Property Backed Lending Trust Plc
  • Ticker: PBLT
  • Exchange: LSE
  • Founded: 2017
  • Industry: Thrifts and Mortgage Finance
  • Sector: Banks
  • Market Cap: UK£27.866m
  • Shares outstanding: 26.92m
  • Website: https://www.tocpropertybackedlendingtrust.co.uk

Location

  • TOC Property Backed Lending Trust Plc
  • Keel House
  • Garth Heads
  • Newcastle upon Tyne
  • NE1 2JE
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PBLTLSE (London Stock Exchange)YesOrdinary SharesGBGBPJan 2017

Biography

TOC Property Backed Lending Trust Plc provides a portfolio of fixed rate loans primarily secured over land and/or property in the United Kingdom. It also invest in financial assets comprising loans and joint venture equity contracts. The company was founded in 2017 and is headquartered in Newcastle upon Tyne, the United Kingdom. TOC Property Backed Lending Trust Plc operates as a subsidiary of Eagle Asset Management, Inc. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/27 23:33
End of Day Share Price2020/02/27 00:00
Earnings2019/05/31
Annual Earnings2018/11/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.