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Picton Property Income LSE:PCTN Stock Report

Last Price


Market Cap







04 Jul, 2022


Company Financials +
PCTN fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance5/6
Financial Health4/6

PCTN Stock Overview

Picton, established in 2005, is a UK REIT.

Picton Property Income Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Picton Property Income
Historical stock prices
Current Share PriceUK£0.85
52 Week HighUK£1.07
52 Week LowUK£0.85
1 Month Change-12.59%
3 Month Change-13.74%
1 Year Change-3.83%
3 Year Change-12.41%
5 Year Change2.28%
Change since IPO-15.86%

Recent News & Updates

Shareholder Returns


Return vs Industry: PCTN exceeded the UK REITs industry which returned -10.7% over the past year.

Return vs Market: PCTN exceeded the UK Market which returned -9.7% over the past year.

Price Volatility

Is PCTN's price volatile compared to industry and market?
PCTN volatility
PCTN Average Weekly Movement3.3%
REITs Industry Average Movement3.5%
Market Average Movement5.4%
10% most volatile stocks in GB Market10.6%
10% least volatile stocks in GB Market2.8%

Stable Share Price: PCTN is less volatile than 75% of UK stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: PCTN's weekly volatility (3%) has been stable over the past year.

About the Company

20059Michael Morris

Picton, established in 2005, is a UK REIT. It owns and actively manages a £665 million diversified UK commercial property portfolio, invested across 47 assets and with around 350 occupiers (as at 31 March 2020). Through an occupier focused, opportunity led approach to asset management, Picton aims to be one of the consistently best performing diversified UK focused property companies listed on the main market of the London Stock Exchange.

Picton Property Income Fundamentals Summary

How do Picton Property Income's earnings and revenue compare to its market cap?
PCTN fundamental statistics
Market CapUK£465.97m
Earnings (TTM)UK£146.99m
Revenue (TTM)UK£46.54m


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PCTN income statement (TTM)
Cost of RevenueUK£11.10m
Gross ProfitUK£35.45m
Other Expenses-UK£111.54m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date


Earnings per share (EPS)0.27
Gross Margin76.16%
Net Profit Margin315.81%
Debt/Equity Ratio33.0%

How did PCTN perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is PCTN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PCTN?

Other financial metrics that can be useful for relative valuation.

PCTN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue13.9x
Enterprise Value/EBITDA21.7x
PEG Ratio-0.08x

Price to Earnings Ratio vs Peers

How does PCTN's PE Ratio compare to its peers?

PCTN PE Ratio vs Peers
The above table shows the PE ratio for PCTN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average3.8x
CREI Custodian REIT
BCPT BMO Commercial Property Trust
API abrdn Property Income Trust
SREI Schroder Real Estate Investment Trust
PCTN Picton Property Income

Price-To-Earnings vs Peers: PCTN is good value based on its Price-To-Earnings Ratio (3.2x) compared to the peer average (3.8x).

Price to Earnings Ratio vs Industry

How does PCTN's PE Ratio compare vs other companies in the GB REITs Industry?

Price-To-Earnings vs Industry: PCTN is good value based on its Price-To-Earnings Ratio (3.2x) compared to the UK REITs industry average (7.6x)

Price to Earnings Ratio vs Fair Ratio

What is PCTN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PCTN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.2x
Fair PE Ratio7.1x

Price-To-Earnings vs Fair Ratio: PCTN is good value based on its Price-To-Earnings Ratio (3.2x) compared to the estimated Fair Price-To-Earnings Ratio (7.1x).

Share Price vs Fair Value

What is the Fair Price of PCTN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PCTN (£0.85) is trading below our estimate of fair value (£1.08)

Significantly Below Fair Value: PCTN is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: PCTN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

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Future Growth

How is Picton Property Income forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PCTN's earnings are forecast to decline over the next 3 years (-40.5% per year).

Earnings vs Market: PCTN's earnings are forecast to decline over the next 3 years (-40.5% per year).

High Growth Earnings: PCTN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: PCTN's revenue is expected to decline over the next 3 years (-4.5% per year).

High Growth Revenue: PCTN's revenue is forecast to decline over the next 3 years (-4.5% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if PCTN's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Picton Property Income performed over the past 5 years?

Past Performance Score


Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PCTN has a large one-off gain of £125.8M impacting its March 31 2022 financial results.

Growing Profit Margin: PCTN's current net profit margins are higher than last year (78%).

Past Earnings Growth Analysis

Earnings Trend: PCTN's earnings have grown by 12.5% per year over the past 5 years.

Accelerating Growth: PCTN's earnings growth over the past year (334.9%) exceeds its 5-year average (12.5% per year).

Earnings vs Industry: PCTN earnings growth over the past year (334.9%) exceeded the REITs industry 113.5%.

Return on Equity

High ROE: PCTN's Return on Equity (22.4%) is considered high.

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Financial Health

How is Picton Property Income's financial position?

Financial Health Score


Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: PCTN's short term assets (£61.4M) exceed its short term liabilities (£20.3M).

Long Term Liabilities: PCTN's short term assets (£61.4M) do not cover its long term liabilities (£218.4M).

Debt to Equity History and Analysis

Debt Level: PCTN's net debt to equity ratio (27.1%) is considered satisfactory.

Reducing Debt: PCTN's debt to equity ratio has reduced from 45.5% to 33% over the past 5 years.

Debt Coverage: PCTN's debt is not well covered by operating cash flow (9.2%).

Interest Coverage: PCTN's interest payments on its debt are well covered by EBIT (3.5x coverage).

Balance Sheet

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What is Picton Property Income current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PCTN's dividend (4.1%) is higher than the bottom 25% of dividend payers in the UK market (1.89%).

High Dividend: PCTN's dividend (4.1%) is low compared to the top 25% of dividend payers in the UK market (5.29%).

Stability and Growth of Payments

Stable Dividend: PCTN's dividend payments have been volatile in the past 10 years.

Growing Dividend: PCTN's dividend payments have fallen over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (92.1%), PCTN's payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (95.4%), PCTN's dividend payments are covered by cash flows.

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


Average board tenure


Michael Morris (49 yo)

no data




Mr. Michael Morris serves as Executive Director at Picton Property Income Ltd. since October 1, 2018 and serves as its Chief Executive since 2020. Mr. Morris serves as the Chief Executive of Picton Capital...

CEO Compensation Analysis

Compensation vs Market: Michael's total compensation ($USD1.01M) is about average for companies of similar size in the UK market ($USD1.06M).

Compensation vs Earnings: Michael's compensation has been consistent with company performance over the past year.

Board Members

Experienced Board: PCTN's board of directors are considered experienced (3.8 years average tenure).


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.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Picton Property Income Limited's employee growth, exchange listings and data sources

Key Information

  • Name: Picton Property Income Limited
  • Ticker: PCTN
  • Exchange: LSE
  • Founded: 2005
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Implied Market Cap: UK£465.969m
  • Shares outstanding: 545.63m
  • Website:

Number of Employees


  • Picton Property Income Limited
  • Trafalgar Court
  • Les Banques
  • Saint Peter Port
  • GY1 3QL
  • Guernsey


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/04 00:00
End of Day Share Price2022/07/04 00:00
Annual Earnings2022/03/31

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.