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Picton Property Income
(LSE:PCTN)
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Rating:60Neutral
Price Target:
75.00 p
▼(-3.47% Downside)
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
A consistent debt-to-equity range (~0.33–0.44) and substantial equity provide a durable balance-sheet cushion common to resilient REITs. This moderates refinancing risk, supports access to funding for acquisitions or capex, and helps sustain distributions through interest rate cycles.
Negative Factors
Earnings Volatility
Historic swings into losses indicate asset-value or leasing-cycle sensitivity, which undermines predictability of distributable income. Such volatility can constrain capital allocation, require larger reserves, and complicate long-term dividend planning for income-focused investors.
Read all positive and negative factors
Positive Factors
Negative Factors
Moderate Leverage
A consistent debt-to-equity range (~0.33–0.44) and substantial equity provide a durable balance-sheet cushion common to resilient REITs. This moderates refinancing risk, supports access to funding for acquisitions or capex, and helps sustain distributions through interest rate cycles.
Read all positive factors
Picton Property Income (PCTN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£367.20M
Dividend Yield5.15%
Average Volume (3M)969.76K
Price to Earnings (P/E)14.6
Beta (1Y)0.92
Revenue Growth-5.46%
EPS Growth-27.41%
CountryUK
Employees12
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.05
Shares Outstanding513,827,000
10 Day Avg. Volume780,894
30 Day Avg. Volume969,764
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
Founded in 2005, Picton operates as a UK Real Estate Investment Trust (REIT). As of March 31, 2020, the company actively oversees a varied portfolio of UK commercial real estate, valued at £665 million. This comprises 47 individual properties, lea...
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
Neutral
77.70
Price Trends
72.69
Negative
76.83
Negative
76.17
Negative
Market Momentum
-0.30
Negative
55.42
Neutral
76.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PCTN, the sentiment is Neutral. The current price of 77.7 is above the 20-day moving average (MA) of 70.83, above the 50-day MA of 72.69, and above the 200-day MA of 76.17, indicating a neutral trend. The MACD of -0.30 indicates Negative momentum. The RSI at 55.42 is Neutral, neither overbought nor oversold. The STOCH value of 76.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | £430.38M | 8.46 | 11.57% | 7.17% | 9.07% | 21.13% | |
73 Outperform | £55.95M | 8.09 | 10.22% | 8.23% | 5.98% | 35.28% | |
70 Outperform | £167.88M | 16.87 | 7.33% | 7.43% | -3.39% | -59.21% | |
67 Neutral | £226.70M | 7.66 | 9.81% | 6.64% | 8.12% | 163.48% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | £367.20M | 14.56 | 7.51% | 5.15% | -5.46% | -27.41% | |
52 Neutral | £33.58M | -6.62 | 4.33% | 7.14% | ― | ― |
* Real Estate Sector Average
GB:PCTN
Picton Property Income
71.90
-4.04
-5.32%
GB:AEWU
AEW UK REIT
105.60
6.55
6.61%
GB:CREI
Custodian REIT
88.00
12.82
17.05%
GB:PCA
Palace Capital
173.50
-39.12
-18.40%
GB:SREI
Schroder Real Estate ate ate Investment
45.75
-5.05
-9.94%
GB:AIRE
Alternative Income REIT Plc
69.50
-0.28
-0.39%
Picton Property Income Corporate Events
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....
Business Operations and StrategyM&A Transactions
LondonMetric and Schroder REIT line up all-share bid for Picton Property Income
Positive
May 12, 2026
LondonMetric Property and Schroder Real Estate Investment Trust have agreed in principle a non-binding, all-share proposal to acquire Picton Property Income, valuing the REIT at about £403.4 million. The offer equates to 78.2 pence per Picton...
Business Operations and StrategyDividends
Picton Property Income Maintains Interim Dividend at 0.95p Per Share
Positive
Apr 28, 2026
Picton Property Income has maintained its interim dividend at 0.95 pence per share for the period from 1 January to 31 March 2026, with the payment designated as a property income distribution to shareholders. The dividend will be paid on 29 May 2...
Business Operations and StrategyM&A Transactions
Picton Confirms LondonMetric–Schroder Consortium in Sale Process, But No Firm Bid Yet
Neutral
Mar 24, 2026
Picton Property Income, a London-listed diversified UK REIT with a £699 million commercial portfolio spanning 46 assets and some 300 occupiers, is positioned towards the industrial sector and targets long-term income and capital growth. It ha...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Picton progresses sale-process proposals and delays annual results
Neutral
Mar 19, 2026
Picton Property Income, a diversified UK REIT listed in London, manages a £699 million commercial property portfolio spanning industrial and other sectors and serving about 300 occupiers. The group positions itself as an agile, occupier-focus...
Business Operations and StrategyFinancial Disclosures
Picton Secures Above-ERV Lettings as Office Demand Supports Strategic Review
Positive
Mar 17, 2026
Picton Property Income has reported solid progress in its asset management and leasing activity, particularly within its office portfolio, reflecting recent upgrade works aimed at meeting occupier demand and supporting rental growth. The company h...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Picton Secures Premium Rents as Leasing Pipeline Progresses Amid Formal Sale Process
Positive
Mar 17, 2026
Picton Property Income reported progress on its leasing pipeline, confirming seven lettings completed since January, adding £0.8 million in annual rent at an average level 2% above the December 2025 estimated rental value, with the vast major...
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.