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Picton Property Income

BATS-CHIXE:PCTNL
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PCTNL
BATS-CHIXE
£485M
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

Picton, established in 2005, is a UK REIT. The last earnings update was 140 days ago. More info.


Add to Portfolio Compare Print
  • Picton Property Income has significant price volatility in the past 3 months.
PCTNL Share Price and Events
7 Day Returns
45.5%
BATS-CHIXE:PCTNL
8.2%
GB REITs
10%
GB Market
1 Year Returns
-2.6%
BATS-CHIXE:PCTNL
-21.4%
GB REITs
-23%
GB Market
PCTNL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Picton Property Income (PCTNL) 45.5% -11.2% -10.6% -2.6% 3.5% 21.3%
GB REITs 8.2% -21.8% -30.1% -21.4% -17% -23.4%
GB Market 10% -17.6% -27.3% -23% -24.2% -21.8%
1 Year Return vs Industry and Market
  • PCTNL outperformed the REITs industry which returned -21.4% over the past year.
  • PCTNL outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -23% over the past year.
Price Volatility
PCTNL
Industry
5yr Volatility vs Market

Value

 Is Picton Property Income undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Picton Property Income to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Picton Property Income.

BATS-CHIXE:PCTNL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4.9%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS-CHIXE:PCTNL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 5.4%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.46
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.461 (1 + (1- 21%) (38.39%))
0.642
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.53% + (0.8 * 5.44%)
4.88%

Discounted Cash Flow Calculation for BATS-CHIXE:PCTNL using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

BATS-CHIXE:PCTNL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:PCTNL represents 0.97079x of LSE:PCTN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.97079x
Value per Share
(Listing Adjusted, GBP)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 1.11 x 0.97079
£1.07
Value per share (GBP) From above. £1.07
Current discount Discount to share price of £0.86
= -1 x (£0.86 - £1.07) / £1.07
19.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Picton Property Income is available for.
Intrinsic value
19%
Share price is £0.86 vs Future cash flow value of £1.07
Current Discount Checks
For Picton Property Income to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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 RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Picton Property Income's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Picton Property Income's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:PCTNL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in GBP £0.05
LSE:PCTN Share Price ** LSE (2020-03-31) in GBP £0.89
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 12.94x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 747 Publicly-Listed Companies 12.45x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Picton Property Income.

BATS-CHIXE:PCTNL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:PCTN Share Price ÷ EPS (both in GBP)

= 0.89 ÷ 0.05

18.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Picton Property Income is overvalued based on earnings compared to the GB REITs industry average.
  • Picton Property Income is overvalued based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Picton Property Income's expected growth come at a high price?
Raw Data
BATS-CHIXE:PCTNL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-7.8%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 22 Publicly-Listed REITs Companies 0.65x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 526 Publicly-Listed Companies 0.95x

*Line of best fit is calculated by linear regression .

BATS-CHIXE:PCTNL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.12x ÷ -7.8%

-2.32x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Picton Property Income earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Picton Property Income's assets?
Raw Data
BATS-CHIXE:PCTNL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in GBP £0.94
LSE:PCTN Share Price * LSE (2020-03-31) in GBP £0.89
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 53 Publicly-Listed REITs Companies 0.76x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,322 Publicly-Listed Companies 1.08x
BATS-CHIXE:PCTNL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:PCTN Share Price ÷ Book Value per Share (both in GBP)

= 0.89 ÷ 0.94

0.95x

* Primary Listing of Picton Property Income.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Picton Property Income is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess Picton Property Income's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Picton Property Income has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Picton Property Income expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-7.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Picton Property Income expected to grow at an attractive rate?
  • Picton Property Income's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Picton Property Income's earnings 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 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.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:PCTNL Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:PCTNL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -7.8%
BATS-CHIXE:PCTNL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -4.7%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 23.1%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.7%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.5%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS-CHIXE:PCTNL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:PCTNL Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 38 31 1
2021-03-31 37 30 25 2
2020-03-31
2020-03-31 35 29 34 2
BATS-CHIXE:PCTNL Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-09-30 47 21 27
2019-06-30 47 23 29
2019-03-31 48 25 31
2018-12-31 48 25 42
2018-09-30 49 24 52
2018-06-30 49 25 58
2018-03-31 49 26 64
2017-12-31 49 25 61
2017-09-30 49 24 58
2017-06-30 52 26 50
2017-03-31 54 27 43
2016-12-31 54 26 46

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Picton Property Income's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Picton Property Income's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS-CHIXE:PCTNL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Picton Property Income Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:PCTNL Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31
2021-03-31 0.05 0.05 0.05 1.00
2020-03-31
2020-03-31 0.06 0.06 0.06 1.00
BATS-CHIXE:PCTNL Past Financials Data
Date (Data in GBP Millions) EPS *
2019-09-30 0.05
2019-06-30 0.05
2019-03-31 0.06
2018-12-31 0.08
2018-09-30 0.10
2018-06-30 0.11
2018-03-31 0.12
2017-12-31 0.11
2017-09-30 0.11
2017-06-30 0.09
2017-03-31 0.08
2016-12-31 0.08

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Picton Property Income will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Picton Property Income's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Picton Property Income has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Picton Property Income's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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.
Earnings and Revenue History
Picton Property Income's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Picton Property Income Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:PCTNL Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 46.60 26.56 5.44
2019-06-30 47.16 28.76 5.53
2019-03-31 47.73 30.96 5.63
2018-12-31 48.36 41.69 8.51
2018-09-30 49.00 52.42 8.33
2018-06-30 48.89 58.29 6.79
2018-03-31 48.78 64.17 5.26
2017-12-31 48.80 60.96 2.63
2017-09-30 48.83 57.75
2017-06-30 51.61 50.25
2017-03-31 54.40 42.75
2016-12-31 53.80 45.66
2016-09-30 53.21 48.57
2016-06-30 49.57 56.71
2016-03-31 45.92 64.85
2015-12-31 44.77 66.90
2015-09-30 43.61 68.96
2015-06-30 41.64 68.91
2015-03-31 39.66 68.86
2014-12-31 38.38 64.15
2014-09-30 37.10 59.44
2014-06-30 36.93 48.39
2014-03-31 36.75 37.35
2013-12-31 37.59 20.72
2013-09-30 38.43 4.10
2013-06-30 38.62 -5.25

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Picton Property Income has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Picton Property Income used its assets less efficiently than the GB REITs industry average last year based on Return on Assets.
  • Picton Property Income's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Picton Property Income's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Picton Property Income has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Picton Property Income's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Picton Property Income's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • 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.
Balance sheet
This treemap shows a more detailed breakdown of Picton Property Income's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Picton Property Income Company Filings, last reported 6 months ago.

BATS-CHIXE:PCTNL Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 510.68 184.56 17.13
2019-06-30 510.68 184.56 17.13
2019-03-31 499.42 191.97 25.17
2018-12-31 499.42 191.97 25.17
2018-09-30 497.14 191.37 20.13
2018-06-30 497.14 191.37 20.13
2018-03-31 487.36 210.66 31.51
2017-12-31 487.36 210.66 31.51
2017-09-30 463.76 216.60 30.07
2017-06-30 463.76 216.60 30.07
2017-03-31 441.93 200.90 33.88
2016-12-31 441.93 200.90 33.88
2016-09-30 423.88 234.21 35.30
2016-06-30 423.88 234.21 35.30
2016-03-31 417.13 249.54 22.76
2015-12-31 417.13 249.54 22.76
2015-09-30 393.13 233.28 20.34
2015-06-30 393.13 233.28 20.34
2015-03-31 369.97 232.85 70.09
2014-12-31 369.97 232.85 70.09
2014-09-30 273.67 234.22 20.95
2014-06-30 273.67 234.22 20.95
2014-03-31 214.10 234.02 32.35
2013-12-31 214.10 234.02 32.35
2013-09-30 180.30 233.74 19.21
2013-06-30 180.30 233.74 19.21
  • Picton Property Income's level of debt (36.1%) 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 (85.3% vs 36.1% today).
  • Debt is not well covered by operating cash flow (11.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.6x coverage).
X
Financial health checks
We assess Picton Property Income's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Picton Property Income has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.93%
Current annual income from Picton Property Income dividends. Estimated to be 4.04% next year.
If you bought £2,000 of Picton Property Income shares you are expected to receive £79 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • 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 (2.69%).
  • Picton Property Income's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (7.48%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS-CHIXE:PCTNL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 48 Stocks 5.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 629 Stocks 6%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.4%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.7%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 7.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS-CHIXE:PCTNL Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 0.04 1.00
2021-03-31 0.04 2.00
2020-03-31
2020-03-31 0.04 2.00
BATS-CHIXE:PCTNL Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2020-02-03 0.035 4.113
2019-10-24 0.035 3.687
2019-07-29 0.035 3.964
2019-04-26 0.035 3.662
2019-01-23 0.035 3.925
2018-10-23 0.035 4.145
2018-07-25 0.035 3.924
2018-04-24 0.035 3.855
2018-01-24 0.035 4.067
2017-11-14 0.035 4.140
2017-07-25 0.034 4.010
2017-07-06 0.034 4.061
2017-06-07 0.034 4.047
2017-01-24 0.034 4.103
2016-11-15 0.034 4.495
2016-10-25 0.033 4.616
2016-07-20 0.033 4.712
2016-06-28 0.033 5.049
2016-01-26 0.033 4.715
2015-10-21 0.033 4.662
2015-07-22 0.033 4.583
2015-04-22 0.033 4.616
2015-01-21 0.030 4.237
2014-11-18 0.030 4.614
2014-07-23 0.030 4.788
2014-06-16 0.030 4.874
2014-01-22 0.030 5.082
2013-06-12 0.033 6.318
2012-04-25 0.040 10.324
2011-10-25 0.040 9.899
2011-08-31 0.040 9.456
2011-04-13 0.040 7.984
2011-04-05 0.040 7.656
2010-08-26 0.040 8.165
2010-04-15 0.040 8.391
2009-07-28 0.040 8.377
2009-05-22 0.040 12.939

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • 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
What portion of Picton Property Income's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Picton Property Income's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Picton Property Income afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Picton Property Income has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Picton Property Income's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael Morris
COMPENSATION £851,000
AGE 46
CEO Bio

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 Chief Executive Officer of Picton Property Income Ltd. since October 1, 2018 until 2020. Mr. Morris serves as the Chief Executive of Picton Capital Limited. Mr. Morris served as Investment Manager of Picton Property Income Limited. Mr. Morris is responsible for devising and overseeing the implementation of all aspects of Picton Property's investment strategy. He served as a Lead Manager and Fund Manager of Picton Property Income Limited. He was Fund Manager at ING Real Estate Investment Management (UK) Limited and he has worked with ING Real Estate Investment since it launched in 2005. He has over 16 years of real estate experience. He has been a Director of Picton Property Income Limited since October 1, 2015. Mr. Morris served as a Non-Executive Director at Picton Capital Limited. He served as a Director of ING Real Estate Investment Management (UK) Limited. Mr. Morris serves on the Property Panel of the Association of Investment Companies and the CPD steering committee of the Investment Property Forum. He is a Member of the Royal Institution of Chartered Surveyors and the Investment Property Forum. Mr. Morris has obtained the IMC and the IPF Diploma in Property Investment.

CEO Compensation
  • Michael's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Michael's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Picton Property Income management team in years:

5.2
Average Tenure
44.5
Average Age
  • The average tenure for the Picton Property Income management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Michael Morris

TITLE
Chief Executive & Executive Director
COMPENSATION
£851K
AGE
46

Andrew Dewhirst

TITLE
Finance Director & Executive Director
COMPENSATION
£350K
AGE
59
TENURE
9 yrs

Fraser D'Arcy

TITLE
Investment Director
AGE
43
TENURE
7.2 yrs

James Verstringhe

TITLE
IR Professioanl-Tavistock Communications

Sheryl Bates

TITLE
Marketing & Communications Manager of Picton Capital Limited
TENURE
2.7 yrs

Jay Cable

TITLE
Head of Asset Management & Director
AGE
41

James Forman

TITLE
Financial Controller

Melissa Ricardo

TITLE
Team Secretary
TENURE
3.2 yrs
Board of Directors Tenure

Average tenure and age of the Picton Property Income board of directors in years:

1.4
Average Tenure
60.5
Average Age
  • The average tenure for the Picton Property Income board of directors is less than 3 years, this suggests a new board.
Board of Directors

Nick Thompson

TITLE
Independent Chairman of the Board
COMPENSATION
£98K
AGE
70
TENURE
15.2 yrs

Michael Morris

TITLE
Chief Executive & Executive Director
COMPENSATION
£851K
AGE
46
TENURE
4.4 yrs

Andrew Dewhirst

TITLE
Finance Director & Executive Director
COMPENSATION
£350K
AGE
59
TENURE
1.4 yrs

Mark Batten

TITLE
Senior Independent Director
COMPENSATION
£46K
AGE
62
TENURE
1 yrs

Maria Bentley

TITLE
Independent Non Executive Director
COMPENSATION
£23K
TENURE
1.4 yrs

Roger St John Lewis

TITLE
Non Executive Director
COMPENSATION
£45K
AGE
71
TENURE
10 yrs

Nick Wiles

TITLE
Non-Executive Director
AGE
57
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
19. Nov 19 Buy Maria Bentley Individual 15. Nov 19 15. Nov 19 74,436 £0.93 £68,971
X
Management checks
We assess Picton Property Income's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Picton Property Income has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Picton, established in 2005, is a UK REIT. It owns and actively manages a £693 million diversified UK commercial property portfolio, invested across 49 assets and with around 350 occupiers (as at 30 September 2019). 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.

Details
Name: Picton Property Income Limited
PCTNL
Exchange: BATS-CHIXE
Founded: 2005
£485,496,702
545,501,913
Website: http://www.picton.co.uk
Address: Picton Property Income Limited
Trafalgar Court,
Les Banques,
Saint Peter Port,
GY1 3QL,
Guernsey
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE PCTN Ordinary Shares London Stock Exchange GB GBP 26. Oct 2005
BATS-CHIXE PCTNL Ordinary Shares BATS 'Chi-X Europe' GB GBP 26. Oct 2005
Number of employees
Current staff
Staff numbers
10
Picton Property Income employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 20:34
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/20
Last earnings filing: 2019/11/12
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.