Picton Property Income
Market Cap
UK£467.0m
Last Updated
2019/08/18 20:54 UTC
Data Sources
Company Financials +
Executive Summary
Picton is a property investment company established in 2005.
Snowflake
Fundamentals
Adequate balance sheet average dividend payer.
Risks
- Picton Property Income is covered by less than 3 analysts.
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
Market Performance
7 Day Return
-4.6%
LSE:PCTN
-0.8%
GB REITs
-1.7%
GB Market
1 Year Return
-6.1%
LSE:PCTN
-10.9%
GB REITs
-5.7%
GB Market
PCTN outperformed the REITs industry which returned -10.9% over the past year.
PCTN matched the United Kingdom of Great Britain and Northern Ireland Market (-5.7%) over the past year.
Share holder returns
| PCTN | Industry | Market | |
|---|---|---|---|
| 7 Day | -4.6% | -0.8% | -1.7% |
| 30 Day | -9.0% | -6.0% | -4.8% |
| 90 Day | -12.4% | -7.4% | -2.7% |
| 1 Year | -2.3%-6.1% | -7.0%-10.9% | -1.3%-5.7% |
| 3 Year | 44.7%28.1% | 5.7%-9.0% | 17.8%4.0% |
| 5 Year | 69.6%36.8% | 18.9%-4.2% | 26.9%0.2% |
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
2 weeks ago | Simply Wall St
Don't Race Out To Buy Picton Property Income Limited (LON:PCTN) Just Because It's Going Ex-Dividend3 weeks ago | Simply Wall St
Update: Picton Property Income (LON:PCTN) Stock Gained 51% In The Last Five Years1 month ago | Simply Wall St
Does Picton Property Income Limited (LON:PCTN) Create Value For Shareholders?Valuation
Is Picton Property Income undervalued based on future cash flows and its price relative to the stock market?
3%
Discount to future cash flow value
Intrinsic Value Based on Future Cash Flows
Picton Property Income's share price is below the future cash flow value, but not at a moderate discount (< 20%).
Picton Property Income's share price is below the future cash flow value, but not at a substantial discount (< 40%).
Price Based on Earnings
Picton Property Income is overvalued based on earnings compared to the GB REITs industry average.
Picton Property Income is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price Based on Expected Growth
Picton Property Income is poor value based on expected growth next year.
Price Based on Value of Assets
Picton Property Income is overvalued based on assets compared to the GB REITs industry average.
Next Steps
Future Growth
How is Picton Property Income expected to perform in the next 1 to 3 years based on estimates from 2 analysts?
5.4%
Forecasted annual earnings growth
Earnings and Revenue Growth Estimates
Future Annual Growth Analysis
Picton Property Income's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Picton Property Income's earnings are expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
Picton Property Income's revenues are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
Picton Property Income's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Picton Property Income's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Earnings per Share Growth Estimates
Future Return on Equity
Unable to establish if Picton Property Income will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Next Steps
Past Performance
How has Picton Property Income performed over the past 5 years?
-4.1%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Picton Property Income's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
Picton Property Income's 1-year earnings growth is negative, it can't be compared to the 5-year average.
Picton Property Income's 1-year earnings growth is negative, it can't be compared to the GB REITs industry average.
Return on Equity
Picton Property Income has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Return on Assets
Picton Property Income used its assets less efficiently than the GB REITs industry average last year based on Return on Assets.
Return on Capital Employed
Picton Property Income's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Next Steps
Financial Health
How is Picton Property Income's financial position?
Financial Position Analysis
Picton Property Income is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Picton Property Income's long term commitments exceed its cash and other short term assets.
Debt to Equity History and Analysis
Picton Property Income's level of debt (38.4%) compared to net worth is satisfactory (less than 40%).
The level of debt compared to net worth has been reduced over the past 5 years (109% vs 38.4% today).
Debt is not well covered by operating cash flow (13.2%, less than 20% of total debt).
Interest payments on debt are well covered by earnings (EBIT is 3.6x coverage).
Balance Sheet
High level of physical assets or inventory.
Debt is not covered by short term assets, assets are 0.2x debt.
Next Steps
Dividend
What is Picton Property Income's current dividend yield, its reliability and sustainability?
4.16%
Expected Dividend Yield
Dividend Yield and Payments Analysis
Picton Property Income's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.08%).
Picton Property Income's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.77%).
Dividends per share have been stable in the past 10 years.
Dividends per share have fallen over the past 10 years.
Current Payout to Shareholders
Dividends paid are covered by earnings (1.3x coverage).
Future Payout to Shareholders
Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
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Management
What is the CEO of Picton Property Income's salary, the management and board of directors tenure and is there insider trading?
4.6yrs
Average management tenure
CEO
Michael Morris (46yo)
0.0yrs
Tenure
UK£851,000
Compensation
Mr. Michael Morris serves as CEO & Executive Director at Picton Property Income Ltd. since October 1, 2018. Mr. Morris serves as the Chief Executive of Picton Capital Limited. Mr. Morris served as Investme ...
CEO Compensation Analysis
Michael's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Michael's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Management Age and Tenure
4.6yrs
Average Tenure
44.5yo
Average Age
The tenure for the Picton Property Income management team is about average.
Board Age and Tenure
2.3yrs
Average Tenure
62yo
Average Age
The average tenure for the Picton Property Income board of directors is less than 3 years, this suggests a new board.
Insider Trading
No 3 month open market individual insider trading information.
Ownership Breakdown
Management Team
Sheryl Bates
Marketing & Communications Manager of Picton Capital Limited
- Tenure: 2.2yrs
Andrew Dewhirst (59yo)
Finance Director & Executive Director
- Tenure: 0.8yrs
- Compensation: UK£350.00k
Jay Cable (41yo)
Head of Asset Management & Director
- Tenure: 0.0yrs
James Forman
Financial Controller
- Tenure: 0.0yrs
Michael Morris (46yo)
CEO & Executive Director
- Tenure: 0.0yrs
- Compensation: UK£851.00k
Fraser D'Arcy (43yo)
Investment Director
- Tenure: 6.6yrs
James Verstringhe
IR Professioanl-Tavistock Communications
- Tenure: 0.0yrs
Melissa Ricardo
Team Secretary
- Tenure: 2.6yrs
Board Members
Roger St John Lewis (71yo)
Non Executive Director
- Tenure: 9.4yrs
- Compensation: UK£45.00k
Maria Bentley
Independent Non Executive Director
- Tenure: 0.8yrs
- Compensation: UK£23.00k
Nick Thompson (70yo)
Chairman of the Board
- Tenure: 14.6yrs
- Compensation: UK£98.00k
Mark Batten (62yo)
Senior Independent Director
- Tenure: 0.4yrs
- Compensation: UK£46.00k
Andrew Dewhirst (59yo)
Finance Director & Executive Director
- Tenure: 0.8yrs
- Compensation: UK£350.00k
Michael Morris (46yo)
CEO & Executive Director
- Tenure: 0.0yrs
- Compensation: UK£851.00k
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£466.999m
- Shares outstanding: 546.20m
- 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 is a property investment company established in 2005. It owns and actively manages a £685 million diversified UK commercial property portfolio, invested across 49 assets and with around 350 occupier ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/08/18 20:54 |
| End of Day Share Price | 2019/08/16 00:00 |
| Earnings | 2019/03/31 |
| Annual Earnings | 2019/03/31 |
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.