TOC Property Backed Lending Trust (GB:DVNO)
LSE:DVNO
Top Page
TOC Property Backed Lending Trust
(LSE:DVNO)
Select Model
Select Model
Rating:69Neutral
Price Target:
85.00 p
▲(25.93% Upside)
Action:ReiteratedDate:03/15/26
The score is primarily held back by weaker 2025 fundamentals (sharp net income decline, higher leverage, and free cash flow falling to zero) despite strong revenue growth. Offsetting this, the technical setup is moderately positive with price above key moving averages and positive MACD, and valuation is attractive with a low P/E and high dividend yield.
Positive Factors
Revenue Recovery
A ~34% revenue rebound in 2025 signals durable improvement in originations or asset performance after prior weakness, strengthening the top‑line base. Sustained revenue growth supports underwriting scale, fee income and provides a steadier foundation for earnings over the next several quarters.
Negative Factors
Earnings Volatility
A sharp decline in net income reduces retained earnings and the margin of safety for a lending trust. Persistent earnings volatility makes planning distributions and provisioning harder, heightening downside risk if asset performance or credit costs worsen in the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
A ~34% revenue rebound in 2025 signals durable improvement in originations or asset performance after prior weakness, strengthening the top‑line base. Sustained revenue growth supports underwriting scale, fee income and provides a steadier foundation for earnings over the next several quarters.
Read all positive factors
TOC Property Backed Lending Trust (DVNO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
N/A
Dividend Yield5.93%
Average Volume (3M)6.54K
Price to Earnings (P/E)40.6
Beta (1Y)-0.12
Revenue Growth24.93%
EPS Growth27.71%
CountryUK
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryAsset Management
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding24,978,200
10 Day Avg. Volume8,274
30 Day Avg. Volume6,541
Financial Highlights & Ratios
PEG Ratio-0.63
Price to Book (P/B)0.87
Price to Sales (P/S)7.04
P/FCF Ratio0.00
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 provides a portfolio of fixed rate loans primarily secured over land and/or property in the United Kingdom. It also invests in financial assets comprising loans. The company makes investments primarily through senior secured loan...
TOC Property Backed Lending Trust Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
70
Positive
Cash Flow
55
Neutral
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.40M | 1.51M | 839.00K | 1.04M | 1.43M |
| Gross Profit | 2.21M | 1.51M | 839.00K | 1.04M | 1.43M |
| EBITDA | 782.00K | 1.25M | 0.00 | 514.00K | 0.00 |
| Net Income | 415.00K | 1.17M | 261.00K | 514.00K | 929.00K |
Balance Sheet | |||||
| Total Assets | 26.43M | 22.18M | 20.89M | 26.13M | 22.72M |
| Cash, Cash Equivalents and Short-Term Investments | 707.00K | 3.01M | 1.15M | 638.00K | 4.54M |
| Total Debt | 6.78M | 2.10M | 0.00 | 4.00M | 0.00 |
| Total Liabilities | 7.08M | 2.24M | 191.00K | 4.00M | 135.00K |
| Stockholders Equity | 19.35M | 19.94M | 20.70M | 22.02M | 22.58M |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 1.06M | 998.00K | 718.00K | 681.00K |
| Operating Cash Flow | 575.00K | 1.06M | 998.00K | 718.00K | 681.00K |
| Investing Cash Flow | -4.14M | -2.17M | 5.25M | -7.42M | 4.96M |
| Financing Cash Flow | 3.68M | 78.00K | -5.73M | 2.79M | -2.09M |
TOC Property Backed Lending Trust Technical Analysis
Neutral
67.50
Price Trends
77.12
Positive
72.40
Positive
73.45
Positive
Market Momentum
0.29
Positive
51.59
Neutral
57.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:DVNO, the sentiment is Neutral. The current price of 67.5 is below the 20-day moving average (MA) of 77.70, below the 50-day MA of 77.12, and below the 200-day MA of 73.45, indicating a neutral trend. The MACD of 0.29 indicates Positive momentum. The RSI at 51.59 is Neutral, neither overbought nor oversold. The STOCH value of 57.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:DVNO.
TOC Property Backed Lending Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | £407.42M | 7.48 | 44.99% | 5.73% | ― | ― | |
71 Outperform | £490.73M | 10.05 | 9.58% | 5.79% | 82.69% | 21.07% | |
69 Neutral | ― | 40.63 | 5.32% | 5.93% | 24.93% | 27.71% | |
67 Neutral | £4.47B | 5.37 | 23.35% | 4.13% | 28.34% | 44.04% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
54 Neutral | £2.03B | 56.55 | 4.25% | 2.85% | 62.91% | -15.13% |
* Real Estate Sector Average
GB:DVNO
TOC Property Backed Lending Trust
77.50
3.59
4.86%
GB:ICG
ICG plc
1,600.00
95.65
6.36%
GB:FSG
Foresight Group Holdings Ltd.
361.50
70.96
24.42%
GB:BPT
Bridgepoint Group Plc
231.40
8.97
4.03%
GB:POLN
Pollen Street Group Limited
823.00
196.18
31.30%
TOC Property Backed Lending Trust Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Develop North PLC lifts income, reshapes portfolio with stronger North East focus
Positive
Mar 12, 2026
Develop North PLC reported a modest net asset value total return of 2.1% for the year to 30 November 2025, as NAV per share eased to 77.48 pence while investment income rose 14.6% to £2.22 million. The trust maintained its dividend policy, de...
Dividends
Develop North PLC declares fourth interim dividend for 2025
Positive
Feb 26, 2026
Develop North PLC, a closed-end investment company listed on the London Stock Exchange, focuses on providing finance to residential and commercial property projects. The trust serves the UK property sector by backing both housing and commercial re...
Business Operations and StrategyStock BuybackPrivate Placements and FinancingShareholder Meetings
Develop North Wins Unanimous Backing for New Investment Policy and Major Share Issuance Powers
Positive
Feb 18, 2026
Develop North PLC has secured shareholder approval for a comprehensive overhaul of its capital-raising and governance framework, with all resolutions at its 18 February general meeting passed unanimously on a poll. Investors backed a new investmen...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Develop North appoints regeneration specialist Michelle Percy as CEO to lead next growth phase
Positive
Jan 26, 2026
Develop North PLC has appointed Michelle Percy as its new Chief Executive Officer with immediate effect, coinciding with the company’s next phase of growth following the publication of its prospectus and the launch of a £58 million fund...
Business Operations and Strategy
Develop North PLC Relocates Registered Office to New Newcastle Address
Neutral
Jan 20, 2026
Develop North PLC, a London-listed closed-end investment company focused on providing finance to the residential and commercial property sectors, has updated its corporate details as it continues to operate in the UK property-backed lending space....
Business Operations and StrategyRegulatory Filings and Compliance
Develop North Limits International Distribution of Market Announcement
Neutral
Jan 16, 2026
Develop North PLC has issued a regulatory notice restricting the release, distribution, or publication of its latest announcement in several major jurisdictions, including the United States, Australia, Canada, South Africa, Japan and EEA states, w...
Business Operations and StrategyPrivate Placements and Financing
Develop North Launches Retail Share Offer to Fund Expansion of Property-Backed Lending Portfolio
Positive
Jan 16, 2026
Develop North PLC has launched a UK retail offer via BookBuild and a separate offer for subscription of new ordinary shares at 81.6 pence per share, as part of an initial capital-raising exercise that will precede a wider share issuance programme....
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.