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Picton Property Income
(LSE:PCTN)
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Rating:60Neutral
Price Target:
75.00 p
▲(4.02% Upside)
Action:Reiterated
Date:06/13/26
The score is driven primarily by reasonable financial strength (moderate leverage and positive operating cash flow) tempered by high historical earnings variability and a recent free-cash-flow decline. Technicals are a clear drag with bearish trend signals, while valuation is supportive due to the high dividend yield and mid-range P/E.
Positive Factors
Moderate Leverage
Moderate leverage and a substantial equity cushion reduce balance-sheet risk for a property portfolio. This gives Picton more flexibility to absorb valuation changes, fund asset management and manage refinancing needs over the next several months.
Negative Factors
Soft Revenue Trend
Recent revenue softness points to limited underlying growth in the rental income base. If occupancy, leasing spreads or asset recycling do not improve, subdued revenue could constrain earnings progression and reduce the capacity to grow distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Moderate Leverage
Moderate leverage and a substantial equity cushion reduce balance-sheet risk for a property portfolio. This gives Picton more flexibility to absorb valuation changes, fund asset management and manage refinancing needs over the next several months.
Read all positive factors
Picton Property Income (PCTN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£372.82M
Dividend Yield5.06%
Average Volume (3M)3.23M
Price to Earnings (P/E)14.1
Beta (1Y)0.97
Revenue Growth-5.46%
EPS Growth-27.41%
CountryUK
Employees11
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.05
Shares Outstanding513,827,000
10 Day Avg. Volume2,444,786
30 Day Avg. Volume3,230,203
Financial Highlights & Ratios
PEG Ratio-0.56
Price to Book (P/B)0.77
Price to Sales (P/S)7.82
P/FCF Ratio31.13
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)0.05
Revenue Forecast (FY)£39.00M
Picton Property Income Business Overview & Revenue Model
Company Description
Picton Property Income Limited owns and actively manages a 702 million pounds UK commercial property portfolio. It has invested across 45 assets and with around 300 occupiers (as at 30 June 2026). Through an occupier focused, opportunity led appro...
How the Company Makes Money
PCTN makes money primarily by owning commercial real estate and earning rental income from tenants under lease agreements. Its main revenue stream is contracted rent (including associated service charge recoveries where applicable) paid by occupie...
Picton Property Income Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
71
Positive
Cash Flow
66
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 51.07M | 54.02M | 54.69M | -67.73M | 169.09M |
| Gross Profit | 35.37M | 37.68M | 37.89M | -83.46M | 157.83M |
| EBITDA | 34.60M | 30.72M | 30.82M | -80.33M | 155.65M |
| Net Income | 25.85M | 37.32M | -4.79M | -98.28M | 146.99M |
Balance Sheet | |||||
| Total Assets | 751.65M | 764.64M | 773.92M | 792.56M | 895.81M |
| Cash, Cash Equivalents and Short-Term Investments | 43.26M | 35.32M | 19.77M | 20.05M | 38.55M |
| Total Debt | 210.37M | 211.21M | 228.82M | 225.46M | 219.54M |
| Total Liabilities | 229.67M | 231.26M | 249.44M | 244.93M | 238.68M |
| Stockholders Equity | 521.98M | 533.38M | 524.48M | 547.62M | 657.13M |
Cash Flow | |||||
| Free Cash Flow | 12.83M | 24.91M | 20.20M | 23.02M | 20.01M |
| Operating Cash Flow | 21.62M | 24.92M | 20.21M | 23.03M | 20.01M |
| Investing Cash Flow | 26.51M | 37.69M | -4.46M | -26.76M | -33.83M |
| Financing Cash Flow | -40.19M | -47.07M | -16.02M | -14.59M | 29.01M |
Picton Property Income Technical Analysis
Positive
72.10
Price Trends
71.89
Positive
72.19
Positive
74.82
Negative
Market Momentum
-0.02
Negative
55.18
Neutral
70.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PCTN, the sentiment is Positive. The current price of 72.1 is above the 20-day moving average (MA) of 72.06, above the 50-day MA of 71.89, and below the 200-day MA of 74.82, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 55.18 is Neutral, neither overbought nor oversold. The STOCH value of 70.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:PCTN.
Picton Property Income Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £409.14M | 7.83 | 10.24% | 7.31% | 9.07% | 21.13% | |
70 Outperform | £164.39M | 16.43 | 5.76% | 7.77% | -3.39% | -59.21% | |
70 Outperform | £55.55M | 7.82 | 10.22% | 8.33% | 5.98% | 35.28% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | £215.21M | 14.55 | 4.68% | 8.59% | 7.06% | -54.80% | |
60 Neutral | £372.82M | 14.06 | 4.93% | 5.06% | -5.46% | -27.41% | |
54 Neutral | £29.72M | -7.19 | -11.17% | 8.02% | -41.22% | ― |
* Real Estate Sector Average
GB:PCTN
Picton Property Income
70.00
-0.72
-1.02%
GB:AEWU
AEW UK REIT
103.00
6.88
7.16%
GB:CREI
Custodian REIT
82.10
8.53
11.60%
GB:PCA
Palace Capital
187.00
-17.11
-8.38%
GB:SREI
Schroder Real Estate ate ate Investment
41.75
-3.19
-7.09%
GB:AIRE
Alternative Income REIT Plc
67.20
3.20
5.00%
Picton Property Income Corporate Events
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsRegulatory Filings and Compliance
Picton boosts executive share awards ahead of LondonMetric–Schroder takeover
Positive
Aug 12, 2026
Picton announced the vesting and exercise of long-term incentive and deferred bonus share awards for key executives, including Chief Executive Michael Morris and Chief Financial Officer Saira Johnston, with portions of the vested shares sold to co...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Picton Property Income Agrees All-Share Takeover as NAV Dips and Portfolio Grows Modestly
Neutral
Jul 31, 2026
Picton Property Income reported a slight 0.7% fall in net asset value per share to 101.5 pence for the quarter to 30 June 2026, with a modest total return of 0.2% and its shares trading at a 30% discount to NAV. The company maintained a conservati...
Business Operations and StrategyDividendsM&A Transactions
Picton Property Income Declares Interim PID Dividend Amid Recommended Firm Offer
Positive
Jul 31, 2026
Picton Property Income Limited, a diversified U.K. REIT listed in London, manages a £702 million commercial property portfolio spanning 45 assets and about 300 occupiers. With a portfolio weighted toward industrial property and a net-zero car...
Business Operations and StrategyM&A Transactions
LondonMetric and Schroder REIT Launch £404m All-Share Bid for Picton Property Income
Positive
Jul 31, 2026
LondonMetric Property and Schroder Real Estate Investment Trust have agreed a recommended all-share offer to acquire Picton Property Income via a court-sanctioned scheme of arrangement under Guernsey law, valuing Picton at about £404 million....
Business Operations and StrategyM&A Transactions
Picton Board Backs Improved All-Share Takeover Terms from LondonMetric–Schroder Consortium
Positive
Jul 10, 2026
Picton Property Income has received revised terms for a possible all-share takeover by a consortium of LondonMetric Property and Schroder Real Estate Investment Trust, lifting the implied value to 77.0 pence per share and about £397 million i...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Picton Property Income posts 13th year of index outperformance amid strategic review
Positive
Jun 30, 2026
Picton Property Income reported results for the year to 31 March 2026 showing a NAV total return of 6.1% and profits of 5.0p per share, down from 6.9p a year earlier. The REIT delivered a 5.9% property total return, outperforming the 5.4% MSCI UK ...
Financial DisclosuresRegulatory Filings and Compliance
Picton Property Income Publishes 2026 Annual and Sustainability Reports
Positive
Jun 22, 2026
Picton Property Income has published its Annual Report for the year to 31 March 2026, confirming that the document has been sent to shareholders and is available in interactive form on the company’s website. The Annual Report and Financial S...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Picton posts resilient annual results as strategic review draws bidder interest
Positive
Jun 12, 2026
Picton Property Income reported preliminary annual results showing net assets of £522 million, EPRA NTA of 102p per share and a total return of 6.1%, with total shareholder return reaching 12.6%. Performance was underpinned by 5% rental growt...
Business Operations and Strategy
Picton Appoints Panmure Liberum as Joint Broker, Replacing J.P. Morgan Cazenove
Neutral
Jun 8, 2026
Picton Property Income has appointed Panmure Liberum Limited as a joint corporate broker alongside Stifel Nicolaus Europe Limited, replacing J.P. Morgan Cazenove with immediate effect. The board expressed its appreciation to J.P. Morgan Cazenove f...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Picton sets June date for full-year results amid ongoing sale process
Neutral
May 19, 2026
Picton Property Income, a UK-listed diversified REIT, manages a £699 million commercial property portfolio spanning 46 assets and about 300 occupiers, with a strategic tilt toward industrial property to capture both income and capital growth....
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.