Picton Property Income
Market Cap
UK£354.0m
Last Updated
2020/08/08 20:46 UTC
Data Sources
Company Financials +
Executive Summary
Picton, established in 2005, is a UK REIT.
Rewards
Risk Analysis
Snowflake Analysis
Undervalued with adequate balance sheet.
Similar Companies
Share Price & News
How has Picton Property Income's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: PCTN has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-4.6%
PCTN
1.2%
GB REITs
2.7%
GB Market
1 Year Return
-27.6%
PCTN
-7.9%
GB REITs
-12.4%
GB Market
Return vs Industry: PCTN underperformed the UK REITs industry which returned -7.9% over the past year.
Return vs Market: PCTN underperformed the UK Market which returned -12.4% over the past year.
Shareholder returns
| PCTN | Industry | Market | |
|---|---|---|---|
| 7 Day | -4.6% | 1.2% | 2.7% |
| 30 Day | -4.8% | 3.9% | 0.9% |
| 90 Day | 0.5% | 5.3% | 4.1% |
| 1 Year | -24.8%-27.6% | -5.0%-7.9% | -8.8%-12.4% |
| 3 Year | -15.2%-24.5% | -0.8%-12.7% | -4.9%-16.3% |
| 5 Year | 7.8%-12.3% | -5.9%-23.0% | 14.2%-11.1% |
Price Volatility Vs. Market
How volatile is Picton Property Income's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
Should You Take Comfort From Insider Transactions At Picton Property Income Limited (LON:PCTN)?2 months ago | Simply Wall St
If You Had Bought Picton Property Income (LON:PCTN) Stock A Year Ago, You'd Be Sitting On A 27% Loss, Today3 months ago | Simply Wall St
What Kind Of Shareholder Appears On The Picton Property Income Limited's (LON:PCTN) Shareholder Register?Valuation
Is Picton Property Income undervalued compared to its fair value and its price relative to the market?
22.8%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: PCTN (£0.65) is trading below our estimate of fair value (£0.84)
Significantly Below Fair Value: PCTN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: PCTN is good value based on its PE Ratio (15.7x) compared to the GB REITs industry average (15.8x).
PE vs Market: PCTN is good value based on its PE Ratio (15.7x) compared to the UK market (16x).
Price to Earnings Growth Ratio
PEG Ratio: PCTN is good value based on its PEG Ratio (0.5x)
Price to Book Ratio
PB vs Industry: PCTN's PB Ratio (0.7x) is in line with the GB REITs industry average.
Next Steps
Future Growth
How is Picton Property Income forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
32.5%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: PCTN's forecast earnings growth (32.5% per year) is above the savings rate (1.2%).
Earnings vs Market: PCTN's earnings (32.5% per year) are forecast to grow faster than the UK market (22.7% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: PCTN's revenue is expected to decline over the next 3 years (-9.7% per year).
High Growth Revenue: PCTN's revenue is forecast to decline over the next 3 years (-9.7% 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
Next Steps
Past Performance
How has Picton Property Income performed over the past 5 years?
-17.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: PCTN has high quality earnings.
Growing Profit Margin: PCTN's current net profit margins (49.3%) are lower than last year (64.8%).
Past Earnings Growth Analysis
Earnings Trend: PCTN's earnings have declined by 17% per year over the past 5 years.
Accelerating Growth: PCTN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: PCTN had negative earnings growth (-27.2%) over the past year, making it difficult to compare to the REITs industry average (-9%).
Return on Equity
High ROE: PCTN's Return on Equity (4.4%) is considered low.
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Financial Health
How is Picton Property Income's financial position?
Financial Position Analysis
Short Term Liabilities: PCTN's short term assets (£41.2M) exceed its short term liabilities (£20.4M).
Long Term Liabilities: PCTN's short term assets (£41.2M) do not cover its long term liabilities (£166.0M).
Debt to Equity History and Analysis
Debt Level: PCTN's debt to equity ratio (32.4%) is considered satisfactory.
Reducing Debt: PCTN's debt to equity ratio has reduced from 62.9% to 32.4% over the past 5 years.
Debt Coverage: PCTN's debt is not well covered by operating cash flow (8.2%).
Interest Coverage: PCTN's interest payments on its debt are well covered by EBIT (3.4x coverage).
Balance Sheet
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Dividend
What is Picton Property Income current dividend yield, its reliability and sustainability?
3.85%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: PCTN's dividend (3.85%) is higher than the bottom 25% of dividend payers in the UK market (1.81%).
High Dividend: PCTN's dividend (3.85%) is low compared to the top 25% of dividend payers in the UK market (5.35%).
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.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (140.6%), PCTN's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: PCTN's dividends in 3 years are forecast to be covered by earnings (85.4% payout ratio).
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Management
How experienced are the management team and are they aligned to shareholders interests?
7.6yrs
Average management tenure
CEO
Michael Morris (47 yo)
no data
Tenure
UK£824,000
Compensation
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 ($USD1.08M) is about average for companies of similar size in the UK market ($USD928.78K).
Compensation vs Earnings: Michael's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chief Executive & Executive Director | no data | UK£824.00k | 0.0046% £ 16.2k | |
| Finance Director & Executive Director | 1.83yrs | UK£551.00k | 0.037% £ 131.1k | |
| Investment Director | 7.58yrs | no data | no data | |
| IR Professioanl-Tavistock Communications | no data | no data | no data | |
| Marketing & Communications Manager of Picton Capital Limited | 3.17yrs | no data | no data | |
| Head of Asset Management | no data | no data | no data | |
| Head of Occupier Services | no data | no data | no data | |
| Financial Controller | no data | no data | no data |
7.6yrs
Average Tenure
45.5yo
Average Age
Experienced Management: PCTN's management team is seasoned and experienced (7.6 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chief Executive & Executive Director | no data | UK£824.00k | 0.0046% £ 16.2k | |
| Finance Director & Executive Director | 1.83yrs | UK£551.00k | 0.037% £ 131.1k | |
| Independent Non Executive Director | 10.42yrs | UK£45.00k | 0.11% £ 389.4k | |
| Independent Non Executive Director | 1.83yrs | UK£49.00k | 0.014% £ 48.3k | |
| Non-Executive Chairman of the Board | 15.58yrs | UK£98.00k | 0.024% £ 86.6k | |
| Senior Independent Director | 1.42yrs | UK£48.00k | no data |
3.3yrs
Average Tenure
63yo
Average Age
Experienced Board: PCTN's board of directors are considered experienced (3.3 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: PCTN insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Picton Property Income Limited's company bio, 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
- Market Cap: UK£354.031m
- Shares outstanding: 545.50m
- Website: https://www.picton.co.uk
Number of Employees
Location
- Picton Property Income Limited
- Trafalgar Court
- Les Banques
- Saint Peter Port
- GY1 3QL
- Guernsey
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| PCTN | LSE (London Stock Exchange) | Yes | Ordinary Shares | GB | GBP | Oct 2005 |
| PCTNL | BATS-CHIXE (BATS 'Chi-X Europe') | Yes | Ordinary Shares | GB | GBP | Oct 2005 |
Biography
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 ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/08/08 20:46 |
| End of Day Share Price | 2020/08/07 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2020/03/31 |
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.