Edison issues update on Picton Property Income (PCTN)

Focused on growing earnings

Edison Investment Research Limited Edison issues update on Picton Property Income (PCTN): Focused on growing earnings 17-Jan-2024 / 10:03 GMT/BST The issuer is solely responsible for the content of this announcement.

London, UK, 17 January 2024

 

Edison issues update on Picton Property Income (PCTN): Focused on growing earnings

Having previously updated on Picton Property Income’s H124 results, we are re-instating forecasts following the cessation of merger discussions with UKCM. In a challenging environment, H124 financial performance was resilient, supporting fully covered DPS. Meanwhile, the company continues to believe that there are strategic and financial benefits to combining complementary businesses, particularly within an internal management structure, including economies of scale and enhanced earnings.

The current annualised run rate of DPS (3.5p), which we expect to be fully covered, represents a prospective yield of 5.4%. We forecast DPS growth, fully covered, in FY25 and FY26. Meanwhile the shares trade at a 34% discount to H124 NAV.

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The issuer is solely responsible for the content of this announcement.

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End of Announcement - EQS News Service

1817031  17-Jan-2024 

The Picton Property Income Stock at the time of publication of the news with a fall of -2,31 % to 0,635GBP on London stock exchange (17. Januar 2024, 10:47 Uhr).