Edison Investment Research Limited
Edison issues update on Picton Property Income (PCTN): Focused on growing earnings

17-Jan-2024 / 10:03 GMT/BST
The issuer is solely responsible for the content of this announcement.


 

London, UK, 17 January 2024

 

Edison issues update on Picton Property Income (PCTN): Focused on growing earnings

Having previously updated on Picton Property Income’s H124 results, we are re-instating forecasts following the cessation of merger discussions with UKCM. In a challenging environment, H124 financial performance was resilient, supporting fully covered DPS. Meanwhile, the company continues to believe that there are strategic and financial benefits to combining complementary businesses, particularly within an internal management structure, including economies of scale and enhanced earnings.

The current annualised run rate of DPS (3.5p), which we expect to be fully covered, represents a prospective yield of 5.4%. We forecast DPS growth, fully covered, in FY25 and FY26. Meanwhile the shares trade at a 34% discount to H124 NAV.

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1817031  17-Jan-2024 

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