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TOC Property Backed Lending Trust
(LSE:DVNO)
Select Model
Select Model
Rating:61Neutral
Price Target:
79.00 p
▲(6.04% Upside)
Action:Reiterated
Date:08/26/26
The score is mainly driven by mixed financial performance: strong recent revenue growth and a solid equity foundation are outweighed by a sharp net income drop, higher leverage, and free cash flow falling to zero. Technical indicators are also weak (negative MACD, RSI ~40), while valuation is supported by a high dividend yield but clouded by a negative P/E. Corporate updates are positive and provide a modest offset.
Positive Factors
Strong recent revenue growth
The sharp revenue rebound indicates improving deployment and income generation across the lending and investment platform. Sustained top-line expansion would improve operating leverage and support the company’s ability to fund dividends and future regional opportunities.
Negative Factors
Sharp net income deterioration
The earnings decline despite strong revenue growth indicates weaker conversion of income into bottom-line profit. Persistent volatility would constrain retained capital, reduce flexibility for portfolio growth and make dividend support more dependent on balance-sheet resources.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong recent revenue growth
The sharp revenue rebound indicates improving deployment and income generation across the lending and investment platform. Sustained top-line expansion would improve operating leverage and support the company’s ability to fund dividends and future regional opportunities.
Read all positive factors
TOC Property Backed Lending Trust (DVNO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£19.39M
Dividend Yield5.37%
Average Volume (3M)2.67K
Price to Earnings (P/E)―
Beta (1Y)-0.12
Revenue Growth20.93%
EPS Growth-124.06%
CountryUK
Employees1
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)-0.01
Shares Outstanding26,025,839
10 Day Avg. Volume2,229
30 Day Avg. Volume2,672
Financial Highlights & Ratios
PEG Ratio-0.63
Price to Book (P/B)0.87
Price to Sales (P/S)7.04
P/FCF Ratio17.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
TOC Property Backed Lending Trust Business Overview & Revenue Model
Company Description
Develop North PLC primarily provides fixed-interest loans, with the majority secured against land and/or property located in the United Kingdom. Beyond this core offering, the company also invests in other loan-based financial assets. Its investme...
TOC Property Backed Lending Trust Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
70
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.61M | 2.40M | 1.51M | 839.00K | 1.04M | 1.43M |
| Gross Profit | 2.42M | 2.21M | 1.51M | 839.00K | 1.04M | 1.43M |
| EBITDA | 297.00K | 782.00K | 1.25M | 261.00K | 646.00K | 929.00K |
| Net Income | -258.00K | 415.00K | 1.17M | 261.00K | 514.00K | 929.00K |
Balance Sheet | ||||||
| Total Assets | 24.05M | 26.43M | 22.18M | 20.89M | 26.13M | 22.72M |
| Cash, Cash Equivalents and Short-Term Investments | 1.64M | 707.00K | 3.01M | 1.15M | 638.00K | 4.54M |
| Total Debt | 4.00M | 6.78M | 2.10M | 0.00 | 4.00M | 0.00 |
| Total Liabilities | 4.58M | 7.08M | 2.24M | 191.00K | 4.00M | 135.00K |
| Stockholders Equity | 19.47M | 19.35M | 19.94M | 20.70M | 22.02M | 22.58M |
Cash Flow | ||||||
| Free Cash Flow | 58.00K | 942.00K | 1.06M | 998.00K | 718.00K | 681.00K |
| Operating Cash Flow | 58.00K | 575.00K | 1.06M | 998.00K | 718.00K | 681.00K |
| Investing Cash Flow | -167.00K | -4.14M | -2.17M | 5.25M | -7.42M | 4.96M |
| Financing Cash Flow | 951.00K | 3.68M | 78.00K | -5.73M | 2.79M | -2.09M |
TOC Property Backed Lending Trust Technical Analysis
Negative
74.50
Price Trends
75.13
Negative
75.24
Negative
73.58
Positive
Market Momentum
-0.19
Negative
40.34
Neutral
57.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:DVNO, the sentiment is Negative. The current price of 74.5 is below the 20-day moving average (MA) of 74.57, below the 50-day MA of 75.13, and above the 200-day MA of 73.58, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 40.34 is Neutral, neither overbought nor oversold. The STOCH value of 57.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:DVNO.
TOC Property Backed Lending Trust Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £528.87M | 12.59 | 46.72% | 5.20% | 7.26% | 30.92% | |
73 Outperform | £499.40M | 8.99 | 9.58% | 6.86% | 5.52% | 18.92% | |
66 Neutral | £5.55B | 11.65 | 18.00% | 4.47% | 6.46% | 6.47% | |
61 Neutral | £19.39M | -73.79 | -1.33% | 5.37% | 20.93% | -124.06% | |
61 Neutral | £2.72B | 94.07 | 2.71% | 3.08% | 36.24% | -53.64% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
GB:DVNO
TOC Property Backed Lending Trust
74.50
1.57
2.15%
GB:ICG
ICG plc
1,946.00
-144.49
-6.91%
GB:FSG
Foresight Group Holdings Ltd.
478.50
41.26
9.44%
GB:BPT
Bridgepoint Group Plc
304.80
-11.59
-3.66%
GB:POLN
Pollen Street Group Limited
845.00
10.49
1.26%
TOC Property Backed Lending Trust Corporate Events
Business Operations and StrategyExecutive/Board Changes
Develop North appoints CEO Michelle Percy to board to drive regional growth strategy
Positive
Aug 17, 2026
Develop North PLC, an investment company headquartered in North East England and listed on the London Stock Exchange, specialises in channeling capital into regional property, regeneration and investment projects across the North of England and Sc...
Regulatory Filings and Compliance
Develop North Plc Discloses Share Purchase by Senior Manager
Positive
Aug 12, 2026
Develop North Plc, a property-backed lending and development finance investor listed on the London Stock Exchange, offers exposure to U.K. real estate projects through its portfolio of ordinary shares. The company operates under regulatory framewo...
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial DisclosuresPrivate Placements and Financing
Develop North broadens property strategy as interim costs weigh on NAV
Neutral
Aug 6, 2026
Develop North PLC reported interim results for the six months to 31 May 2026, marking a strategic shift as it broadens its investment mandate beyond real estate lending into direct commercial and residential property investments. The company raise...
Financial DisclosuresRegulatory Filings and Compliance
Develop North enters closed period ahead of half-year results
Neutral
Jul 1, 2026
Develop North PLC, an investment company listed on the London Stock Exchange, targets stable income and medium to long-term total returns for shareholders through a diversified regional portfolio. It concentrates on projects in the North East of E...
Dividends
Develop North PLC Declares First Interim Dividend for 2026
Positive
Jun 18, 2026
Develop North PLC, an investment company listed on the London Stock Exchange, targets steady income and medium to long term total returns through a diversified portfolio concentrated in the North East of England. Since launching in 2017, it has in...
Business Operations and Strategy
Develop North Appoints AlbR Capital as Joint Corporate Broker
Positive
Jun 17, 2026
Develop North PLC, a North East England-focused investment company listed in London, targets stable income and attractive total returns for shareholders via a diversified portfolio, mainly across the North of England and Scotland. Since its 2017 l...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.